Carlsberg has completed the sale of its majority stake in Türk Tuborg to CBC Group.

The brewer, which confirmed during the summer that it would sell 95.65% of Türk Tuborg in Turkey to CBC, said today (23 October) that the sale has now been completed.

The parties have agreed an enterprise value of US$80m for the company. Adjusted for net interest bearing debt and working capital taken over by CBC Group, Carlsberg will receive net proceeds of US$44.5m.

Carlsberg said that its financial loss on the sale is expected to be in the region of DKK230m (US$39.5m). "The financial loss is higher than previously expected primarily due to movements in working capital and profit and loss up to closing of the deal and special items in Türk Tuborg in September," Carlsberg noted.

As part of the agreement, Türk Tuborg will brew Carlsberg and "a number" of Tuborg brands under licence in Turkey.

The unit currently holds the number two spot in the Turkish beer market, while around 20% of its production is exported to more than 20 countries including the US.

CBC is Carlsberg's partner in Israel and Romania through Israel Beer Breweries.