Migros to merge with Moonlight Turkish unit
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ISTANBUL - Moonlight, a subsidiary of the private equity firm BC Partners, has pushed the button for a merger operation with Turkey's leading retailer, Migros Türk.
During a meeting Dec. 5, the Migros board decided on the merger of the company via a takeover by the Moonlight’s Turkish unit, Moonlight Perakendecilik. The merger will take place on the basis of Migros’ consolidated financial statements dated Sept. 30, according to the statement by Migros.
All assets and liabilities on the company’s balance sheet will be transferred to Moonlight as a whole. Bülent Özaydınlı, Evren Rıfkı Ünver and Ömer Özgür Tort have been authorized to deal with all the remaining issues that need to be resolved to complete the merger.
Moonlight purchased a 50.8 percent stake in the retail giant for Migros Türk for YTL 1.9 billion Feb.13, when it was put out for sale by Turkey’s top conglomerate Koç Holding, as part of its plan to focus on four main business branches. Then the firm increased its stake in Migros Türk to 97.92 percent with purchases made from the market. The total cost of Migros’ 97.8 percent stake reached YTL 3.7 billion.
Migros Türk, which will continue investing just like during the crises in 1994 and 2001, aims to collect YTL 10 billion in turnover in 2012, said Bülent Özaydınlı, who became the company chairman following the completion of the firm’s handover May 30.