Anadolu Endüstri Holding's stake in Migros to rise to 50 pct

Migros's indirect shareholder Anadolu Endüstri Holding (AEH) will purchase a 19.5 percent stake owned by Moonlight Capital in MH Perakendecilik for a total of TL 509.03 million ($143.28 million). The AEH's shares in Migros will increase to 50 percent with the acquisition. MH Perakendecilik is a 50 percent shareholder in Migros.

Currently, Moonlight Capital has a 19.5 percent stake in MH Perakendecilik, while the AEH is an 80.5 percent shareholder. Moonlight Capital had the right to sell for 19.5 percent stake in MH Perakendecilik between May 1, 2017 and October 31, 2017, while AEH had the right to buy.

According to a statement released by the AEH's main shareholder, Yazıcılar Holding, to the Public Disclosure Platform (PDP) on Wednesday, Moonlight Capital informed the AEH of its decision on the use of the right to sell for the stake. Accordingly, following the adjustments made, the total price for the stake is calculated at TL 509 million.

In accordance with the share purchase agreement, at the end of the 10 working days following this declaration (May 16, 2017), the use of the right will be completed by the transfer of the share price and the stake.

The AEH's stake in MH Perakendecilik will rise to 100 percent and its indirect share in Migros will increase to 50 percent after the transaction, while BC Partners' total share in Migros will be 30.5 percent through the funds managed by the company. Management control of Migros will continue to be equally shared by the funds managed by BC Partners and the AEH, with no obligation to purchase any shares.