BC Partners agrees on deal to sell half of its stake in Migros to Turkey’s Anadolu

ISTANBUL

DHA Photo

Private equity firm BC Partners has signed a share transfer deal with Anadolu Endustri Holding to seal the sale of 40.25 percent stake in its supermarket chain Migros to the Turkish conglomerate.

According to a statement made to the public, parties have agreed on the preliminary agreement that awaits the approval of the related agencies.

Anadolu offered to buy a stake in Migros from BC Partners in October for 26 Turkish Liras per share, representing a premium of 36 percent to Migros’ closing on Oct. 2.

Anadolu was to pay 6.4 billion liras ($2.74 billion) or 26 liras ($11) per share, a premium of 14 percent to Migros’ close yesterday.

On Nov. 27, 2014 Chairman Tuncay Özilhan had said the purchase may be completed by the end of January.

Migros was acquired by BC Partners in 2008 for $3.25 billion with the help of Turkey’s Turkven and Italy’s DeA Capital, beating a bid by larger rival Blackstone Group and Croatian food group Agrokor.

Bank of America Merrill Lynch and JPMorgan Chase & Co advised BC Partners on this transaction.

Shares of Migros closed at 22.75 liras on Dec. 31, 2014 on the Istanbul Stock Exchange.