BC to increase stake to 100% in Turkish grocer for €414.5

BC Partners will soon launch a tender offer for all remaining shares of Migros Türk following the purchase of a majority stake in May.

A BC Partners-led private equity consortium is preparing to launch a tender offer for all 32.8 million outstanding shares of Turkish supermarket chain Migros Türk at a price of YTL21.95 ($18.8; €12.7) per share, according to a company spokesman.

The tender offer, totaling YTL720 million, will occur once the approval of the Turkish Capital Markets Board is obtained.

European buyout firm BC, local mid-market buyout firm Turkven and investment firm DeA Capital, owned by Italian publishing company De Agostini, purchased 50.8 percent of Migros for YTL21.85 per share in May from Turkish conglomerate Koç Holding, representing a market capitalisation of YTL3.8 billion.

BC Partners stated its intention to launch an offer for all remaining listed shares of Migros at the time of the transaction’s agreement in February.

Ongoing purchases of Migros shares, listed on the Istanbul Stock Exchange, have brought the consortium’s current stake to 81.6 percent.

BC’s latest European buyout fund, BCEC VIII, closed in May 2005 with €5.9 billion in commitments.