Turkish conglomerate Sabancı Holding said Monday it will sell its remaining shares in cement maker Akçansa Çimento, according to an exchange filing, just days after agreeing to the sale of its shares in food retailer Carrefoursa.
Sabancı said Heidelberg Materials exercised its right of first refusal after a binding offer was made for a 39.72% stake in Akçansa, valuing the company at $1.1 billion on an enterprise value basis, subject to debt and cash adjustments.
Following the transaction, Germany's Heidelberg Materials said its stake in Akçansa will double 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.
Heidelberg Materials said Türkiye's geographic position offers long-term strategic upside linked to future reconstruction and infrastructure demand in neighboring regions, including the Middle East and the Black Sea.
The Turkish holding also said an agreement was reached regarding the sale of its shares and shares of French retailer Carrefour in its Carrefoursa unit, a market chain operating over 1,000 stores in Türkiye.
According to the deal, Yeni Magazacılık A.Ş., owner of the A101 banner, will acquire the 89% stake held jointly by Carrefour (32%) and Sabancı (57%) in Carrefoursa.
Completion of the transaction remains subject to approval by the competition authorities and customary conditions.
Shares of Sabancı Holding were down 1.71% at 10:55 a.m. local time (07:55 GMT) while Carrefoursa stock plunged 9.38%.
