An executive at KOC Holdings has said the sale of its majority stake in Turkish retailer Migros to BC Partners is expected to be completed by the end of May.

According to a Reuters report, Omer Bozer, head of Koc Holding’s retail and food group, said handover had been held up by the need for regulatory approval from a number of countries and other formalities.

Turkey’s Competition Board approved the US$1.5bn deal in March.

The deal was announced in February. BC Partners is buying 50.8% of outstanding shares from Koc and the private equity company said it would launch a tender offer for the remaining shares. 

BC Partners and Koc Holdings were unavailable for comment as just-food went to press.