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.
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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.
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