| ISTANBUL, April 6
ISTANBUL, April 6 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
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
Private equity funds have also shown interest in the
company, the other source said.
Bringing in an outside investor could help Morhipo.com in an
competitive domestic market that includes rivals
Hepsiburada.com, in which Dubai-based private equity firm Abraaj
Capital holds a stake, and Trendyol.
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)