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Citigroup to buy 30% of Boyner, 50% of Beymen
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Boyner Holding announced on Wednesday that it has signed a deal with Citigroup Venture Capital Investment (CVCI), over the sale of a 30.05 percent share of Boyner Büyük Mağazacılık (Boyner B.M.) and 50 percent of Beymen, which is owned in part by both Boyner Holding and the Altınyıldız Corporation.
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Both Boyner and Altınyıldız have informed the İstanbul Stock Exchange (İMKB) of the sale of their shares, to commence the official procedures. Boyner Holding reported that the stock shares of Boyner B.M. and Beymen were valued as $153.8 and $285.2 billion, respectively. Following the approval of the Competition Authority, the shares will be handed over for $439 billion total. It was noted that the deal will not mean dramatic changes in the administration of Boyner stores. Boyner and CVCI will have two representatives each on the boards of Boyner B.M. and Beymen. Cem Boyner, current CEO and board chairman of Boyner Holding, will remain in his current position on the board of Boyner B.M. Boyner said: “We are very happy to close this deal. We believe that this deal will serve the growth of Beymen and Boyner even more and carry further their leading positions in the market.” CVCI Executive Director Sunil Nair underlined, “This new investment by CVCI following the recent investments in Biofarma and Oger Telekom in Turkey, indicates their significant interest in Turkey.”
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TODAY’S ZAMAN
İSTANBUL
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