Turkish retailer Koton to sell stake to Nemo Apparel

Turkish retailer Koton Magazacilik has applied to the Competition Board to sell a stake to Dutch-based firm Nemo Apparel, it said on its website.

Details of the transaction were not disclosed by the anti-trust board. Koton has 198 stores in Turkey and 81 stores abroad, according to its website.

Turkish newspaper Milliyet reported on Friday Nemo Apparel was owned by Turkish private equity firm Turkven and Turkven bought a 50 percent stake in Koton for around $500 million.

(Reporting by Evren Ballim; Writing by Seda Sezer; Editing by Dan Lalor)