Buyout shop Kohlberg Kravis Roberts & Co. has agreed with an undisclosed Turkish partner to bid for assets belonging to media group Dogan Yayin, Reuters reported. Pragma Corporate Finance is advising the partnership between KKR and the Turkish partner, Reuters said.
(Reuters) – Private equity fund KKR has agreed with a Turkish partner to bid for assets belonging to Turkey’s biggest media group Dogan Yayin , sources familiar with the deal told Reuters on Tuesday.
“KKR has recently cemented a partnership with a major Turkish group in bidding to acquire Dogan’s media assets,” a banker close to deal said, without naming the Turkish group. “The identity of the Turkish group when disclosed to us was frankly earth-shaking,” he said.
Pragma Corporate Finance is advising the partnership between KKR and the Turkish partner, the banker said. Pragma declined to comment when contacted by Reuters.
“I heard about the deal between KKR and a local group,” another source close to the deal said, also without naming the company.
KKR, Time Warner and U.S. private equity fund Texas Pacific Group [TPG.UL] are among the shortlisted bidders and will have a month to put their final binding offers on the table, the banker said.
Dogan Yayin shares reacted with a more than 4 percent jump to 2.08 lira. (Reporting by Seda Sezer and Birsen Altayli; Editing by Will Waterman)