Koç Group sold 50.8% of Migros to British BC Partners Fund for 1 billion 977 million YTL. Koç Group will pay their debts of Tüpras with this money.
'Loan from Turkish banks; Migros from Blackstone'
British BC Partners Fund competed with American Blackstone Fund in the sale of Migros and purchased 50.8% of Migros for 1 billion 977 million YTL.
Koç Group sold Turkish retail business leader Migros to British BC Partners Fund. Market value of Migros was calculated as 3.9 billion YTL ($3 billion 250 million). BC Partner announced to pay Koç Holding 1 billion 977 million YTL for 50.8% of Migros. While the world is shaken with global crisis, Migros purchase was like a remedy to Turkish markets. Turkey has attracted a foreign capital of $60 billion since 2001 and has made the first foreign capital entry of 2008.
BC Partners' senior partner Nikos Stathopoulos said: "With its leader position in the market, its multi-directional strategy and wide store net, the powerful and reliable brand, Migros, is in a position to benefit from fast growing food retail market, positive demographic tendencies and positive dynamics of Turkish economy."
