BC Partners to Sell Half of Migros Stake for 2x Return
January 05, 2015
BC Partners has agreed to sell half of its 80.5% stake in Turkish supermarket chain Migros Ticaret (IST: MGROS) to Anadolu Endustri Holding, a transaction said to value the company at TRY6.4 billion ($2.7 billion). Upon completion of the deal, the investors will hold joint control. The per-share price of TRY26 represents a 36% premium over Migros' value before talks were announced in early October; the price also reportedly corresponds to 15.4x the company's EBITDA. BC Partners acquired a controlling stake in Migros in 2008 and reportedly stands to return 2x on its total investment.