Turkish conglomerate Sabancı Holding announced Monday it will sell its remaining stake in cement maker Akçansa Çimento, just days after agreeing to divest its shares in food retailer Carrefoursa.
Analysts have said the conglomerate has been looking to streamline its operations by offloading assets with low profit margins.
Heidelberg Materials bought Sabanci's 39.72% stake in Akçansa in a deal that values the company at $1.1 billion on an enterprise value basis, subject to debt and cash adjustments, according to an exchange filing Monday.
The transaction value was not disclosed, but the deal will double Heidelberg Materials' stake in Akcansa to 79.44%.
Akçansa operates three cement plants, 26 ready-mixed concrete plants, five aggregate quarries, and five cement terminals across five seaports in Türkiye's Marmara, Aegean and Black Sea regions, Heidelberg Materials said.
It added that Türkiye's geographic position offers long-term strategic upside linked to future reconstruction and infrastructure demand in the neighboring Middle East and Black Sea regions.
Akçansa Çimento shares were up more than 2% in morning trade, while those of Sabancı were 2% lower.
At the market close on Friday, Sabancı announced it would exit Carrefoursa, the Turkish supermarket chain it founded with France's Carrefour and operates over 1,000 stores across the country.
As part of a deal, Yeni Mağazacılık will buy Sabancı's 57.12% stake, as well as 32.16% held by Carrefour Nederland.
The financial terms and details of the deal were not disclosed and Carrefoursa stocks tumbled over 9% on Monday morning.
Yeni Mağazacılık also owns Turkish discount retailer A101.
