Anadolu to Buy Half of BC Partners’ Holding in Turkey’s Migros

Anadolu to Buy Half of BC Partners’ Holding in Turkey’s Migros

Anadolu Endustri Holding AS, the owner of stakes in Turkey’s biggest brewer and Coca-Cola Co.’s local business, agreed to buy 40.25 percent of Migros Ticaret AS (MGROS) in a transaction that values the second-biggest Turkish retailer at 6.4 billion liras ($2.7 billion).
anadolu-to-buy-half-of-bc-partners-holding-in-turkeys-migros Date Added : 02 January 2015 Friday

Anadolu will acquire half of private-equity firm BC Partners Holdings Ltd.’s 80.5 percent holding, giving it equal management control, according to a statement today. The per-share price of 26 liras carries a 36 percent premium over Migros’s closing value on Oct. 2, when news of Anadolu’s offer was first reported.

Buying into the grocer gives Anadolu access to outlets in a country of about 80 million people. Migros, which was acquired by a BC Partners-led group for $3.3 billion in 2008, has more than 1,190 stores in Turkey and controls about 15 percent of the country’s organized food retail market, the statement said.

“We see enormous potential to further develop the business, utilizing more than 60 years of proven experience in the Turkish consumer market,” Tuncay Ozilhan, Anadolu’s chairman and chief executive officer, said in the statement.

BC Partners was advised by Bank of America Corp. and JPMorgan Chase & CoThe 26-lira-a-share price corresponds to an enterprise value, or market value plus debt, of 15.4 times Migros’s earnings before interest, tax, depreciation and amortization, Erol Danis, an analyst at Deutsche Bank AG’s Istanbul unit, said when the talks were announced in October. BC Partners paid a multiple of 8.5 times, he said.




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