Tuesday, March 4, 2008

Consortium of three local banks to finance Migros deal.

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Consortium of three local banks to finance Migros deal. The consortium formed by local lenders Turkiye Is Bankasi (Isbank), Garanti Bankasi, and Vakifbank will finance the acquisition of the retailer Migros by Moonlight Capital S.A.. The consortium, in which all three banks control equal stakes, will provide long term project financing for around half of the purchase price. None of the banks gave further details on financial details. Last month, local Koc Holding announced that it signed a share transfer agreement with private equity firm BC Partner’s Moonlight Capital S.A. to sell its 50.8% stake in the supermarkets chain Migros for TRY 1.98bn (around EUR 1.1bn).

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Consortium of three local banks to finance Migros deal.

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