BC Partners-backed Migros completed the acquisition of a 95.5% stake in Kipa from Tesco for $55m.

BC Partners-backed Migros Ticaret, a chain of supermarkets in Turkey, completed the acquisition of a 95.5% stake in Kipa, a supermarket chain in Turkey, from Tesco, a British multinational groceries and general merchandise retailer, for $55m. “The sale of Kipa reflects the particular strategic challenge we have faced in Turkey as a small regional player in a highly competitive market. It removes the need for the sustained investment required to enable the business to compete independently, allowing us to focus on improving profitability in Central Europe and continuing to grow our businesses in South East Asia. The sale agreement recognises the significant improvements in the performance of the business over the last 18 months and I would like to thank Kipa colleagues, suppliers and partners for their service during a period of considerable change,” Dave Lewis, Tesco Chief Executive.