Private equity firm BC Partners is set to become the majority owner of Migros Türk, Turkey’s largest supermarket chain.
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The group has agreed to buy a 50.8% stake in Migros Türk, a retailer that has attracted trade and private equity interest.
The deal, which will see two other private equity firms – Turkven Private Equity and DeA Capital – become minority investors, values Migros Türk at US$3.25bn.
The agreement was signed today (14 February) and brings to an end months of fevered speculation around the retailer.
Migros was put up for sale by Turkish conglomerate Koc Holding last summer after the group decided to quit the retail business.
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By GlobalDataMigros, which runs over 900 stores in Turkey, attracted rumoured interest from Carrefour and private equity groups KKR and Blackstone.
The deal is BC Partners’ first move in Turkey and the private equity group said Migros would capitalise on the country’s growing retail sector.
“Migros is ideally positioned to benefit from the rapidly growing organised food retail market, the favourable demographic trends and the positive dynamics of the Turkish economy,” said BC Partners senior partner Nikos Stathopoulos.
