Supermarket retailer Migros Ticaret has afreed to sell its discount store chain Sok to Turkish reatiler Bizim Toptan and private equity firm Gozde Finansal.

Migros sold 99.6% of its stake in Sok. The transaction is conditional upon regulatory approval from the Turkish Competition Board and is expected to close in the third quarter of this year.

Migros chief executive Özgür Tort said the move would enable Migros to monetise Sok at an attractive valuation for Migros’ shareholders and to focus on the core banner and supermarket operations.

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