JUST-FOOD.COM - Turkish discount retailer A101 has reportedly attracted seven bids in the first round of an auction.
TPG and Permira are among the private-equity firms that submitted bids by the deadline ten days ago, alongside several trade buyers, according to Dow Jones Newswires.
A101 has been valued at between TRY800m (US$448m) and TRY1bn. Next-round bids are due at the end of the month, the news agency said. (source)
A101 was established in 2008 and the company is targeting 2,000 stores by 2015.
The Aydin family owns a majority stake in the retailer. Turkish Islamic lender Bank Asya has a 21.84% holding.
If a deal is signed, it will be the second major transaction in Turkey's retail sector in two months.
In June, Turkish conglomerate Yildiz Holding acquired a majority stake in discount supermarket chain Sok. Yildiz, the parent company of Turkish food group Ulker, paid TRL600m to local retailer Migros Ticaret for a 99.6% stake in Sok, which has 1,230 stores in the country.
