One Equity, Turkish pension fund vie for

ISTANBUL - Reuters

One Equity Partners, the main private equity arm of JPMorgan, and Turkish army pension fund Oyak are vying to buy a stake in Turkish chemicals maker Akdeniz Kimya, sources close to the matter told Reuters.

Akdeniz Kimya, based in the Aegean coastal city of Izmir, produces speciality chemicals and is valued at more than $300 million. It was not clear how large a stake is up for sale.

Two of the sources said a deal would be signed this year.

Citigroup has been mandated to handle the sale, the sources said.

Officials from One Equity Partners and Akdeniz Kimya were not immediately available to comment. Oyak declined to comment.