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French supermarket chain Carrefour is set to exit its long-running Türkiye venture alongside its Turkish partner Sabanci Holding under a deal that will transfer control of CarrefourSA to the parent company of local discount retailer A101 at a $325 million valuation.
Yeni Magazacilik AS, the operator of discount chain A101, has signed a share transfer agreement with Sabanci Holding and affiliates of Carrefour, the company disclosed after Friday’s market close.
The deal includes Sabanci Holding’s 57.12% stake and a further 32.16% held by Carrefour Nederland BV, bringing a total of 89.28% of CarrefourSA under Yeni Magazacilik’s control.
The final transaction value will be adjusted based on net debt and working capital at closing, with completion contingent on regulatory approval, including clearance from Türkiye’s Competition Authority.
Operating in Türkiye since 1991, CarrefourSA has more than 1,250 stores in 77 provinces as of the end of 2025, including franchise locations.
The company was included in Sabanci Holding’s portfolio restructuring plan due to its heavy debt burden and declining profitability in recent years, along with the group’s technology retailer, Teknosa.
As of the end of 2025, the company has ₺38.4 billion ($970 million) in total liabilities and ₺16.1 billion in total loans, while its shareholder equity stands in negative territory at ₺986.5 million.
Despite generating ₺83.61 billion in revenue in 2025, the company posted a net loss of ₺6.5 billion.
Since the start of the year, the company’s shares listed on Borsa Istanbul have risen by roughly 65% on expectations of a potential divestment.
Despite the ownership change, Yeni Magazacilik signaled that A101 and CarrefourSA will continue to operate independently, each under its own management structure, pricing strategy, and customer positioning, rather than being merged into a single retail format.
Board member Erhan Bostan indicated that both brands will preserve their distinct identities and continue targeting different consumer segments, with A101 maintaining its discount-led model while CarrefourSA focuses on a broader supermarket offering.
He added that the group aims to widen its overall footprint, strengthen operational diversity, and build a more layered retail structure that can reach a wider range of customers.
The company plans to reinforce CarrefourSA’s market presence by improving store performance, expanding its customer base, and driving sustainable growth across its existing business lines, rather than pursuing an immediate structural overhaul.
Sabanci Holding framed the move as part of a broader effort to recalibrate its investment portfolio and sharpen its strategic focus. Gokhan Eyigun, head of strategic investments, indicated the decision aligns with a more agile investment approach that prioritizes efficiency, scalability and long-term value creation.
The exit, he added, reflects a shift toward forward-looking capital allocation, where resources are redirected to areas with stronger growth potential instead of maintaining long-held but lower-return assets.
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