Fourlis Group on Thursday announced that it has reached an agreement to purchase Intersport’s branch network in Turkey for around 10 million euros.

Under the agreement, Fourlis will obtain franchising rights under the brand name Intersport Atletik in Turkey. The Greek group will participate in the new company through its subsidiary in Greece, Intersport Athletics SA, with a 75 pct equity stake, while the remaining 25 pct will belong to the previous franchisee. Intersport Atletik operates a network of 20 retail shops in Turkey.

Fourlis Group aims to expand this network to more than 50 branches in the next five to eight years.

Fourlis Group operates a network of 55 Intersport units in Greece, Romania, Bulgaria and Cyprus.