The company announced it would sell a minority stake to one of the three shortlisted bidders, according to Bloomberg, who quoted the managing director of sell-side advisor Pragma Corporate Finance.
Istanbul-based Turkven could make the deal in partnership with a unit of luxury goods company LMVH.
Penti’s owners, the Kariyo and Beresi families, hired Istanbul-based M&A adviser Pragma to advise them on the sale and were looking to sell a minority stake of as much as 49 percent.
The company has 27 shops across 16 countries, and is planning to increase its Turkish stores from 140 to 180.
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