A Turkish Private Equity Web Log

In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication thereof.

AIG Capital Partners Closes Deal on Sale of AFM Cinemas
AIG Capital Partners Exits AFM Cinemas - Sells to A1 Group

This should be old news at this point, but having reported on this back in November 2007 (Blue Voyage Partners Exit AFM Cinemas), it seems the deal has finally closed. According to AltAssets, "AIG Capital Partners and other shareholders have completed the sale of 51.91 per cent of Istanbul, Turkey-headquartered cinema and entertainment company AFM Uluslararasi Film Produksiyon Tic. ve San. to A1 Group, the investment group of the Alfa-Group Consortium. The transaction values the company at $75m."

It seems the value of the deal increased considerably since the original announcement to the Istanbul Stock Exchange. Previously, the deal valued the company at around $55M.

Here are the quotes:
Serkan Elden, a managing director of AIG Capital Partners, said, 'The sale of our shares in AFM Cinemas represents the conclusion of a long-term and successful partnership with AFM's shareholders and management team, led by A Adnan Akdemir. As one of the first private equity investments in Turkey, we are pleased to see that the company prospered from our investment and benefited from the growing Turkish business environment.'

A. Adnan Akdemir, the Chairman of the Board of AFM Cinemas, noted, "Since the time of AIG Capital Partners' investment, we have worked closely together to execute on our expansion strategy, take the company public on the Istanbul Stock Exchange, and sell a majority interest to A1. We believe that this partnership was fundamental to the value created at AFM."

Another case in point for the validity of the Turkish investment environment and the feasability of deal exits. This can only mean good things for Turkey as more and more private equity firms will line up to look at the Turkish market.

For more background on AIG in Turkey, and its Blue Voyage Fund, you can also view a previous post:
AIG Rehires and Re-Enters Turkish Buyout Market with Blue Voyage Advisors

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Posted @ 10:57  
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