BC Partners to acquire Migros stake

Turkish conglomerate Koc Holding confirmed today that it has agreed to sell a 50.8% stake in its supermarket chain Migros to Moonlight Capital, which is controlled by UK private equity firm BC Partners, for US$1.64bn.

BC Partners is to pay TRY21.85 (US$18.33) a share for the stake in Migros, which has a 22% share of the Turkish market. A tender offer will then be made later for the rest of the shares in the Istanbul-listed retailer.

The decision by Koc Holding is part of a plan to exit from non-strategic businesses.

JP Morgan is advising Koc Holding, BC Partners was advised by Merrill Lynch, with Garanti Bank, Isbank and Vakifbank providing the financing.