World giants eye Turkey’s Migros
Posted by meb at January 7th, 2008
The 50.83 percent of Migros Turk, a discount retailer valued at 4.1 billion Turkish lira, has become the latest target for firms eyeing Turkey in a deal that would be the country’s biggest buyout.
Turkey’s Sabanci Holding and its French partner Carrefour, U.S. buyout houses Kohlberg Kravis Roberts & Co. and Bain Capital as well as German retailer Aldi Group are interested in Turkey’s biggest retail chain Migros, a Koc Holding company, Star daily reported.
Migros Turk’s main owner Koc Holding AS said in June it hired JPMorgan Chase & Co. to seeking offers for 51 percent of the retailer. Bids are due by Jan. 9 and the sale should be completed this month.
Private equity interest in Turkish companies has increased markedly over the last 12 months. Last September, KKR bid for ferry operator UN Ro-Ro for $1.3 billion. Nearly half the deal value was composed of debt, indicating a rise in leverage multiples which were traditionally lower than in western buyout markets. Other U.S. firms have been active in the country. KKR rival TPG Capital acquired beverage and tobacco producer Mey Icki Sanayi ve Ticaret for $810 million in June 2006.
source: The New Anatolian
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