Private equity lives – in eastern Europe. In Turkey’s biggest-ever leveraged buyout, BC Partners are buying Migros Turk TAS supermarket chain for $3.2bn.
The acquisition of Koc Holding’s 51% stake in Migros for $1.7bn (1.977bn lira) is being made by Moonlight Capital, a vehicle controlled by BC Partners, with minority investments from DeA Capital, controlled by De Agostini SpA and Turkven Private Equity, says Reuters.
The deal values the whole company at 3.89bn liras, 10 per cent above its market value as of Wednesday’s close, although below the 4.1bn valuation slapped on the business by Yonca Yagcioglu, an analyst at Ata invest.
After Carrefour quit the race in January it was unclear who would win, with trade buyer, Agrokor, Croatia’s largest retailer, set to battle it out against the bids expected from private equity groups: KKR, Bain Capital.
Related links
BC Partners wins battle for Migros Turk – FT.com