BC-backed Migros acquires Tesco’s Turkish shops for TL 302m

Migros will buy 95.5% of the shares in Tesco's Turkish holdco to take over the Tesco Kipa Shopping Malls and Tesco shops, comprising a total of 26 malls and 168 Tesco stores across 21 cities in the country.

The bolt-on comes 18 months after BC halved its stake in Migros through a partial exit to Anadolu Group, taking the GP's ownership from 80.5% to 40.25%. The transaction valued Migros at TL 6.4bn.

According to a source familiar with BC Partners' investment, Migros is currently on track to return 2x money for the GP, which acquired Migros in 2008 through what was then supposedly Turkey's largest-ever LBO.

Company
Tesco is a UK-based retail group. Its Turkish operations were owned by Tesco Overseas and constitutes 26 shopping malls and 168 shops across Turkey.

People
Migros – Özgür Tort (CEO).

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• Topics
• Expansion
• CEE
• Consumer
• Turkey
• BC Partners