Altinyildiz Mensucat ve Konfeksiyon Fabrikalari Anonim Sirketi (IBSE:ALTIN) signed a memorandum of understanding to acquire remaining 50% stake in Beymen Magazacilik A.S. from Citi Venture Capital International for approximately $380 million on March 14, 2013. The transaction value is subject to an earnout. In a related transaction, Altinyildiz Mensucat ve Konfeksiyon Fabrikalari Anonim Sirketi (IBSE:ALTIN) signed a memorandum of understanding to acquire additional 30% stake in Boyner Buyuk Magazacilik Anonim Sirketi (IBSE:BOYNR) from Citi Venture Capital International for $96.7 million on March 14, 2013.

As of April 17, 2013, the transaction is approved by the Turkish competition authority. As of May 31, 2013, Altinyildiz Mensucat ve Konfeksiyon Fabrikalari Anonim Sirketi (IBSE:ALTIN) entered in a agreement to acquire remaining 50% stake in Beymen Magazacilik A.S. from Citi Venture Capital International. Carlton Evans, Andrew Lynch, Trevor Clark and Sudhir Nair of Linklaters LLP acted as legal advisors for Citi Venture Capital International.