Boyner poised to sell retail units to CVCI

Turkish industrial group Boyner is selling the shares it owns in two leading Turkish companies to Citigroup Venture Capital International (CVCI) for close to EUR 343 mln, Istanbul newspaper Today's Zaman has reported.

Boyner Holding has signed a memorandum of understanding with CVCI to start exclusive negotiations for the sale of a 30% of the equity capital of Boyner Buyuk Magazacilik, which operates a chain of 27 department stores in Turkey and one in Russia. The firm, valued at EUR 122 mln, mainly offers retail goods and fabric products.

CVCI will also acquire 50% of Beymen, an upscale fashion retailer operating 37 stores throughout Turkey and one in El Cairo. Beymen is valued at EUR 220 mln. However, the final purchase price will be further negotiated between the parties.

Citigroup Venture Capital International was founded in 2001 and is a leading private equity investor in growth markets globally with offices in New York, Miami, London, Hong Kong, India and Chile.