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.
Separately, London-based managing partner Raymond Svider is in the process of relocating to New York at to head up the firm’s fledgling US efforts. BC is in the process of enlarging its previously investor relations-focused New York office into a site for deal origination and execution.
James Rubin and Daniel Selmonosky, formerly founding partners of JPMorgan-backed rival firm One Equity Partners, joined BC’s London office as senior partners in March and are now currently based in New York as well.