Carlsberg has sold its stakes in two breweries for a combined value of around US$116m.

The Danish brewer today (23 July) announced the sale of its 95.6% stake in Türk Tuborg Bira ve Malt Sanayi for $80m  and its 20% stake in Israel Beer Breweries for $36m.

Israeli beverage company CBC Group - Carlsberg's partner in Israel and Romania - is the buyer of both stakes.

As part of the deal, Türk Tuborg will continue to produce Carlsberg and a number of Tuborg brands on a license basis.

"All parties will benefit from this deal. By selling our stakes in Türk Tuborg Carlsberg is optimising its business portfolio," said Carleberg's president & CEO Jørgen Buhl Rasmussen. "We are confident that CBC Group will build on the momentum already created by Türk Tuborg and its highly skilled employees and thereby further develop the brewery and its well known brands. They all have huge potential, which Türk Tuborg supported by CBC Group, will do its utmost to exploit."

In March, Carlsberg signed a Memorandum of Understanding with CBC Group with the aim of selling its Tuborg unit.