BC Partners looking to sell Migros

The main bidder appears to be American retail giant Walmart, although both UK-based Tesco and French supermarket chain Carrefour have voiced interest. Reports indicate that a sale would value Migros at $4bn including debt. JP Morgan and Barclays are advising BC Partners and Walmart respectively on the sale.

BC Partners acquired a 50.81% stake in Migros - valued at $3.25bn - from Koç Holding in February 2008. Turkven Private Equity and DeA Capital invested alongside BC Partners. Garanti Bank, Tukiye Is Bankasi and Vakifbank provided debt for the transaction. The sale process was led by JP Morgan.  

In November 2008, the private equity consortium made a tender offer to increase its shareholding to 97.9%.

In April and June 2011, BC Partners completed partial exits from Migros, worth $515m and $380m respectively. In the April sale, the GP offloaded 17.4% in an offering of 26 million shares on the Istanbul Stock Exchange. Bank of America Merrill Lynch and JP Morgan were joint co-ordinators. Two months later, BC Partners sold Migros's discount division Sok to Turkish food company Ülker Group, using the proceeds from the transaction to repay some of the debt accrued in the initial buyout.

 

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• CEE
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• JP Morgan
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• Turkven Private Equity