Turkey’s Boyner looking ininto sell Up ininto 60 pct Of on-line retailer -sources #Online_RetailerFebruary 9, 2020
ISTANBUL, April 6 (Reuters) – Turkish retailer Boyner Holding is looking to sell up to 60 percent of its online fashion site, Morhipo.com, and has mandated brokerage Unlu & Co to advise on the sale, two sources familiar with the matter said.
Four companies, including a large Middle Eastern retailer, have shown interest in the deal, which would see Boyner sell 40 to 60 percent of the e-commerce site, the sources said, declining to be identified.
Both Boyner and Unlu & Co declined to comment.
“A strategic partnership of between 40 and 60 percent is being considered,” one of the sources said, adding that the enterprise value-to-sales ratio for the transaction could be between 1 to 1.5.
That would put the online retailer’s enterprise value – a measure of value that includes debt – at up to 600 million lira ($161 million), based on its annual turnover of up to 400 million lira.
Private equity funds have also shown interest in the company, the other source said.
While global investor enthusiasm for Turkey has cooled in recent years due to rising security and political concerns, its demographics and growth potential remain the envy of Europe.
The country is home to 79 million people with a median age of just over 30, younger than anywhere else in Europe.
By 2050, the population is expected to swell to 93 million, while much of the rest of Europe ages.
(Writing by Tuvan Gumrukcu; Editing by David Dolan)
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