Walmart eyes bid for Migros, report claims
ISTANBUL - Hürriyet Daily News
If the deal goes ahead, Migros will be valued at more than $4 billion. Hürriyet photoU.S. retailer Walmart is reportedly in talks to buy an 80 percent stake in Turkey’s Migros from London-based private equity group BC Partners.
The deal is expected to value Migros sales at more than $4 billion including debt. Walmart has not submitted a formal bid, but has stepped up its interest in a deal and held meetings with Migros managers in recent days in Turkey, according to the Financial Times, who cited several people familiar with the discussion. BC Partners bought a 51 per cent stake in Migros in 2008 but now owns 80 percent of the shares.
Walmart spokesman Kevin Gardner said the company did not comment on rumors and speculation.