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BC finalises Migros sale

Ellie Pullen
02 January 2015

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BC Partners has agreed to sell half of its 80.5% stake in Turkish supermarket chain Migros Ticaret to Turkish retailer Anadolu Group, valuing the company at TRY 6.4bn (€2.3bn).

BC is selling a 40.25% stake in the company for TRY 26 (around €9m) per share, representing a 36% premium on Migros' share price on 2 October 2014, when the talks between the parties were first announced.

BC Partners is understood to be on track to double its total investment in Migros, taking into account this latest transaction as well as well as past realisations (including the 2011 IPO of the business).

Turkish family holding company Yazıcılar Holding is the parent company of Anadolu. Yazıcılar owns a 68% stake in Anadolu holding company Anadolu Endüstri Holding, which is acquiring the stake in Migros.

Bank of America Merrill Lynch and JP Morgan advised BC on the deal.

BC acquired a 50.81% stake in Migros in February 2008, valuing the company at $3.25bn. Turkven Private Equity and DeA Capital took part in the transaction as minority investors.

At the time, BC planned to launch a tender offer for the remaining shares in the company, which is listed on the Istanbul Stock Exchange. Turkish banks Garanti Bank, Is Bank, Vakifbank and AkBank provided debt financing for the deal.

In November 2008, BC and the minority investors increased their stakes to a collective 97.9% through the tender offer.

In April 2011, BC partially exited Migros through the sale of a 17.4% stake for $515m. In June of the same year, Migros's Sok discount division was sold for $380m.

Founded in 1954 and headquartered in Istanbul, Migros is an operator of supermarkets across Turkey. The company operates 1,190 stores across 70 cities in Turkey's seven regions.

The group operates under the Migros, Tansas and Macrocenter brands. It employs 18,850 staff and generated TRY 7.1bn (€2.5bn) in turnover in 2013, as well as an EBITDA of TRY 469m (€163.9m). The company recorded revenues of around TRY 6bn (€2.1bn) in the first nine months of 2014.

Ömer Özgür Tort is the CEO of Migros. BC managing partner Nikos Stathopoulos and senior partners Cédric Dubourdieu and Stefano Ferraresi manage the firm's investment in the company.