International News - Kipa sells stake to partner Tesco

Founding shareholders in Kipa, the Turkish hypermarket group, have agreed to sell a stake in the business to UK food market leader Tesco.

Last year, the two store groups forged a partnership, but the sale of the stake indicates Tesco may be poised for growth in Turkey. Kipa has five hypermarkets in the city of Izmir and its environs.

Tesco has been on a fast-track international expansion plan in recent years, and has concentrated its efforts on emerging markets such as Hungary and Thailand.