Retail giant Walmart is in talks to acquire a controlling stake in Migros Ticaret, according to reports from the FT. The world's largest grocery retail is apparently looking to expand its European presence by taking an 80 per cent holding in the Turkish Migros business, which is the country's largest retailer by sales.
The reports state that the American group has held several meetings in recent days with the owner of the Turkish banner, London-based private equity group BC Partners, although Walmart has not submitted a formal bid.
BC Partners is thought to be in discussion with a number of other retailers to divest of Migros Ticaret, and is believed to have received 'several expressions of interest'.
Migros currently operates nearly 890 outlets across the country, and such a deal would give Walmart a major presence in one of the world’s fastest-growing retail markets. The deal is expected to value Migros at about €3.1 billion (including debt).
Neither party has confirmed the talks.
Migros Ticaret currently operates 888 stores in the country, in the supermarket, hypermarket and discount formats. (13 Dec)
© 2012 - ESM: European Supermarket Magazine
