TURKEY: Tesco reportedly to offload Kipa arm to Migros Ticaret | Progresiv

Tesco is reportedly set to sell its Turkish unit, Tesco Kipa, to rival Migros Ticaret.

Sky News has reported that the UK retailer is planning to offload its Turkish business, citing unnamed sources. The deal is estimated to be worth "a couple of hundred million pounds", the broadcaster said.

The Turkish retailer revealed in May that it had undertaken previous talks with Tesco about taking over the unit, however agreement was not reached.

In addition, Tesco has reportedly offloaded its Giraffe restaurant chain to Boparan Ventures, which is run by Ranjit Boparan, the major shareholder in 2 Sisters Food Group. (www.esmmagazine.com)