Aksan Law Firm has advised Gundogdu Gida on its IPO.
Gundogdu Gida operates in the food sector, primarily in dairy production.
According to Aksan Law Firm, the IPO saw “the participation of 597,940 investors, resulting in a total size of TRY 350 million.”
Aksan Law Firm did not respond to our inquiry on the matter.
Clifford Chance has advised the financiers on a EUR 300 million loan made available to Turk Eximbank under the guarantee of the Multilateral Investment Guarantee Agency.
The financing parties included Standard Chartered Bank as the facility agent, ING Bank, a branch of ING-DiBa AG, as the coordinator, as well as BNP Paribas, Credit Europe Bank, HSBC Bank Middle East Limited, ING Bank, and Standard Chartered Bank as the joint bookrunners, mandated lead arrangers, and lenders.
According to Clifford Chance, “the financing will be used by Turk Eximbank to extend trade sub-loans to export-focused enterprises, covering front-end production expenditures, with priority given to green exports, SMEs, women-inclusive companies, and medium-to-high technology companies.”
The Clifford Chance team included Istanbul-based Partner Sait Eryilmaz, Senior Associate Pelinsu Demircan, Associates Berke Avarkan and Utku Aydın, and Trainee Lawyer Busra Altuntas, as well as further team members in Munich, London, and Washington, D.C.
Clifford Chance did not respond to our inquiry about the matter.
Bezen & Partners has advised the Roenesans Group on a USD 165 million ECA financing from HSBC Bank Middle East and ING Bank, with coverage and guarantee from Euler Hermes for three wind farm projects. SZA Schilling, Zutt & Anschuetz reportedly advised Euler Hermes.
The wind farms in Malatya, Corum, and Sivas have a combined installed capacity of 189 megawatts.
The Bezen & Partners team included Partners Yesim Bezen and Banu Bolukemini and Associates and was supported by Berkay Sezginci and Sevinch Murtazaeva.
Editor’s Note: The headline and intro paragraph of this article initially erroneously reported that the financing was received from Euler Hermes. This has since been corrected.
After this article was published, CEE Legal Matters was informed that, reportedly, Ergun Law Firm and Morgan Lewis advised the lenders.
Subsequently, Ergun Law Firm confirmed its involvement to CEE Legal Matters. The firm’s team included Partner Pelin Ecevit, Senior Associate Oyku Su Karahan, Associates Pinar Ozceylan and Naz Cercioglu, and Legal Intern Derya Goktas.
Clifford Chance has advised UKEF and Standard Chartered Bank on the UKEF and KUKE-covered green financing of EUR 249 million for Kaylon Enerji.
Kaylon Enerji is an energy company. The financing is for its Anka Solar Park project.
The Clifford Chance team included Partners Sait Eryilmaz, Nikolai Eatwell, and Graham Brewer, Senior Associates Basar Kirka, Pelinsu Demircan, and Angad Chaturvedi, Associates Berke Avarkan and Tanvi Pahwa, and Trainee lawyer Aykan Karpuzcu.
Clifford Chance did not respond to our inquiry on the matter.
Baker McKenzie’s Turkish affiliate law firm Esin Attorney Partnership, working with Covington & Burling, has advised ACWA Power on the debt and ownership restructuring of its Turkish affiliate ACWA Guc. Paksoy and Milbank reportedly advised the lenders.
ACWA Guc, which operates the 950-megawatt combined cycle gas turbine power plant in Kirikkale, Turkiye, is partially and indirectly owned by ACWA Power. Post-deal, ACWA Guc is expected to be free of any commercial debt to third parties and will remain classified as an equity investment for ACWA Power.
The Esin team included Partners Muhsin Keskin, Yalin Akmenek, Erdal Ekinci, Orhan Pala, and Duygu Gultekin, Senior Associates Ceren Erdem and Ozge Ekim, Associates Zeki Nizam Cebe, Ozan Kesim, Zeynep Ezgi Yanarates, Oyku Ruya Turkogullari, and Alara Aydin.
CCAO has advised Konfrut on its acquisition of 50% of the shares in Raz Food and Agriculture via a capital increase.
Konfrut is a Turkiye-based company engaged in the production of fruit juice concentrates and fruit puree.
Raz Food And Agriculture is a Turkiye-based pomegranate company.
The CCAO team included Partner Halide Cetinkaya, Senior Associate Onur Gorkem Koksal, and Associate Cayka Yusan.
Baker McKenzie and its Turkish affiliated firm Esin Attorney Partnership have advised Eregli Demir ve Celik T.A.S. (Erdemir) on its issuance of USD 950 million 8.375% senior notes due 2029. White & Case and its Turkish affiliated firm GKC Partners advised the managers.
The managers for the issuance were Merrill Lynch International, BNP Paribas, Citigroup Global Markets Limited, Banco Bilbao Vizcaya Agrentaria S.A., and Societe Generale.
According to Baker McKenzie, “Erdemir successfully executed its first Eurobond issuance, garnering demand from over 130 international institutional funds and saw demand that exceeded USD 2 billion for an issuance size of USD 750 million. The issuance, structured under Regulation S and Rule 144A, was priced at 8.375%. Erdemir later tapped its USD 750 million issuance for a further USD 200 million, bringing the total size of the transaction to USD 950 million. The transaction was the largest single-tranche issuance by a Turkish corporate issuer.”
“We are pleased to have been able to support Erdemir on their debut Eurobond issuance, which demonstrates the continuing strong demand for Turkish bonds,” commented Baker McKenzie Partner Megan Schellinger.
The Baker McKenzie team was led by London-based Schellinger and Partner Rob Mathews and included Senior Associate Maxim Khrapov and Associate Henry Gee.
The Esin Attorney Partnership team was led by Istanbul-based Partner Muhsin Keskin and included Senior Associate Zeki Cebe, Associate Ece Gunel, and Trainee Semih Aktas.
The White & Case team included London-based Partners Melissa Butler, Stuart Matty, and James Greene, Associates Hashim Eltumi and Jack Adachi, and Trainee Amber Richardson.
The GKC Partners team included Counsel Derin Altan, Associates Kaan Alkan and Sehriban Unlu, and Legal Intern Muhammed Asula.
On July 29, 2024, in the Official Gazette No. 32616, Türkiye’s International Direct Investment (‘‘IDI’’) Strategy for the period 2024-2028 was announced to the public. This strategy aims to move Turkey to a stronger position on the global investment map by setting Turkey’s goals and priorities in the field of international direct investments and targets to create a comprehensive support mechanism to reduce the obstacles faced by investors in Turkey and to provide solutions to their needs.
The policies to be implemented within the scope of the strategy for the 2024-2028 period have been determined within the framework of the themes of “Investment Climate Competitiveness”, “Green Transformation”, “Digital Transformation”, “Global Supply Chain”, “Qualified Human Resources” and “Communication and Promotion”.
In this article, we will briefly describe the policies and related actions under the 6 main “themes” that set out the core policy framework of the IDI strategy.
In order to attract qualified IDI projects that will support the twin (green and digital) transformation of the Turkish economy, a strategic prioritization study on long-term investment loans and incentive mechanisms to accelerate the green and digital transformation of the industry will be implemented in terms of the effectiveness of the incentive mechanisms offered to investors. One of the main objectives is to strengthen the physical, legal and digital infrastructure necessary to develop the technology entrepreneurship ecosystem and to increase alternative and innovative financing opportunities. In this respect, it is planned that an arrangement will be made to extend share-based long-term premiums for technology start-up companies and the foreign investment limit for Venture Capital Investment Funds (“VCIF”) will be increased.
In addition, efforts will be made to develop alternative dispute resolution procedures to ensure that investment disputes between investors and public institutions are finalized in the fastest and most cost-efficient way through reconciliation of the parties. In this context, it is emphasized in the strategy report that a commission with broad participation will be established, needs analysis and necessary studies will be carried out, and the Ministry of Justice will complete the legislative preparations for the activation of the administrative settlement procedure.
The R&D laboratories to be established in Türkiye by national or international companies that produce pioneering scientific and technological knowledge in their field within the scope of projects to deepen the activities of international investors in Türkiye and to direct them to more value-added areas such as R&D and design are aimed to be supported within the framework of the pioneering R&D Laboratories Support Program.
One of the main policies is to increase renewable energy production, disseminate climate and environmentally friendly technologies and facilitate investors’ access to green energy. Under the green transformation policies of the strategy report, many actions are targeted to be implemented. For example, efforts will be made to develop investments and technologies for hydrogen fuel cells and components and hydrogen-based engines, new Renewable Energy Resource Areas (“RERA”) tenders with local component obligation will be held, and efforts will be made to develop offshore RERA projects. In addition, the need for an amendment to the Coastal Law No. 3621 to allow the installation of Solar Energy Based Electricity Generation Facilities (“SPPs”) on natural and artificial lakes will be submitted to the Parliament.
In addition, the Treasury lands that can be allocated for renewable energy investments will be determined on a regional and sectoral basis, taking into account environmental and social impacts and logistical requirements within the framework of the long-term investment needs of our country, and it is aimed to announce Treasury lands for the establishment of unlicensed Wind Power Plants (“WPP”) and SPPs. In this respect, international standards and regulations, particularly the European Green Deal, will be followed to support Türkiye’s green transformation process. In addition, in order to ensure standardization in the presentation of sustainability and emission data, these data will be made available for sharing and legislative work will be carried out to establish a National Green Taxonomy that is in line with international taxonomy examples, especially the EU taxonomy, and that takes into account Türkiye’s needs.
A favorable investment environment will be provided to attract technological investments with high energy efficiency and saving potential to the country, and energy efficiency investments will be supported by prioritizing energy-intensive sectors, taking into account competitiveness and domestic production. In this respect, it is aimed to increase the number of activities in this field with the Call for Green Transformation in Industry and SAYEM Green Transformation Call to be launched within the scope of the Türkiye Green Industry Project.
Within the framework of the policies targeted under the “Digital Transformation” theme of the Strategy Report, it is planned to implement the necessary regulations for production and trade by following international standards, data policies and legal regulations that will support the digital transformation process of our country.
In this context, it is planned to establish mechanisms to encourage the development of domestic companies offering data center services and to enable competition; to support the domestic production of 5G base stations, to eliminate infrastructure deficiencies by expanding their installation, and to encourage the establishment of broadband infrastructure in regions where infrastructures cannot be developed, taking into account regional differences. In this respect, the strategy report aims to focus on training qualified manpower in the fields of software, hardware and infrastructure in 5G and beyond next generation communication technologies, and in emerging technology areas such as the Internet of Things, artificial intelligence, big data, quantum, cyber security, smart transportation, augmented reality; and to open higher education programs in the fields of artificial intelligence, big data and cyber security.
In order to strengthen Türkiye’s integration into global value chains, the need for amendments to the Law No. 4054 on the Protection of Competition in relation to digital markets is planned to be submitted to the Turkish Grand National Assembly to increase the level of harmonization with international trade policies in the field of green and digital transformation. In addition, the strategy report states that a report and road map will be prepared in order to take measures against the risk of trade barriers for Türkiye due to the legislation recently developed by the EU in areas related to the digital economy. In this context, efforts will be made to update bilateral and multilateral agreements to which Türkiye is a party and to realize new agreements, taking into account the economic developments in Türkiye and in world trade. In this respect, it was decided to continue negotiations on Türkiye-Japan and Türkiye-Thailand FTAs.
In order to strengthen Türkiye’s position in global value chains, Türkiye aims to improve its logistics capabilities and infrastructure in all modes of transportation, taking into account environmental and green transformation sensitivities. In this respect, support for green port practices will continue by encouraging the use of low-emission/non-emission producing machinery and equipment to increase energy efficiency and minimize environmental impacts in port operations, and the regulation on issuing green port certificates to coastal facilities will be put into practice. In addition, infrastructure and technology investments will be made for the use of electric or other alternative fuel vehicles in all modes of transportation, and harmonization and legislative arrangements for new generation, sustainable, integrated mobility services will be completed. In order to strengthen the global supply chain, it is also aimed to build a transit cargo-oriented main port in the Eastern Mediterranean region, which will contribute to the development of the region and increase exports, and will be the gateway to the Middle East and Central Asian countries.
In order to strengthen the domestic supply chain, it is aimed to encourage SMEs to cluster around large-scale companies, and it is aimed to facilitate the matching of SMEs in order to articulate SMEs in the supply chains of main industry manufacturers and large enterprises, and to support the necessary quality, efficiency, capacity increases and product development activities within the scope of supplier development processes.
The qualified human capital needed by Türkiye within the framework of the twin transformation will be developed and legislative work will be carried out in accordance with the new working models emerging from the professions of the future. In this respect, measures will be taken to ensure that software developers working remotely or on-site abroad can be employed in a way that will increase the added value of the domestic IT sector, and it will be ensured that qualified human resources with doctorate degrees needed in the industry will be trained through university-industry cooperation and employment of researchers with doctorate degrees will be encouraged.
In order to train the technical human resources needed by qualified IDI profiles, efforts will be made to increase the quality and reputation of vocational education, and the transition of individuals with vocational and technical education to the labor market will be facilitated. In this respect, cooperation protocols will be established between vocational and technical education institutions and Organized Industrial Zones (“OIZ”), and pairings will be carried out with private sector institutions, including Industrial and Commercial Chambers and the managements of Organized Industrial Zones, and it is planned to ensure sectoral clusters in the field of vocational education.
As also stated in the Strategy Report, target-oriented efforts will be made to increase Türkiye’s international visibility in the field of human resources, attract qualified human resources from abroad and retain existing talents. In this context, support and arrangements will be made to attract entrepreneurs from abroad to Turkey by establishing a visa model for first-stage entrepreneurs, and efforts will be made to encourage and facilitate the employment of qualified foreign PhD researchers and academicians.
By adopting a 360-degree communication approach, it is aimed to actively promote Türkiye’s investment environment through tools such as investment diplomacy, international campaigns and media relations, etc. It is planned to organize various events and participate in leading events to promote Turkey’s investment environment on a national and international scale.
Efforts will be made to strengthen the “Invest in Türkiye” brand and to develop and effectively communicate effective messages to target audiences in line with the vision of the “Century of Türkiye, Century of Investment”. In this respect, within the scope of each qualified IDI profile, potential investment areas and country/region-specific potential investor companies will be identified for the 2024-2028 period, and investment attraction activities will be carried out for these companies. In addition, it is planned to carry out target-oriented investment attraction activities for IDI companies operating in Türkiye to expand their investments in Turkey to more value-added areas (R&D and design center, regional management center, shared service center, regional distribution center, etc.).
By Aden Guler, Trainee lawyer, Guleryuz Partners
AECO Law has advised Aluflexpack AG on its acquisition of the remaining 20% stake in Teko Aluminyum Sanayi A.S. Egemenoglu advised the seller.
In 2022, Aluflexpack’s wholly owned subsidiary Arimpeks Aluminyum Sanayi Ic ve Dis Ticaret A.S. acquired 79% of Teko’s shares with 1% of its shares being acquired directly by Aluflepack. With the completion of this transaction, Aluflexpack became the 100% owner of the target (21% directly and 79% indirectly).
Aluflexpack is a Swiss-based manufacturer of aluminum-based flexible packaging solutions such as coffee capsules, stand-up-pouches, aluminum trays, lids, and blister foils for the pharma market. Aluflexpack operates production facilities in Switzerland, France, Poland, Turkiye, and Croatia. The company is listed on the Zurich stock exchange and employs approximately 1,300 people.
Teko operates across the entire value chain, ranging from coextrusion, laminating, and lacquering using rotogravure printing, lid punching, and metal cap forming. The company’s manufacturing facilities are located in Tekirdag, Corlu. Teko employs more than 120 employees.
The AECO Team included Partners Gokhan Enkur and Yafes Oner, Senior Associate Behiye Gokceli, Associate Kardelen Akca, and Legal Intern Arda Cem Karabulut.
The Egemenoglu team included Partner Efra Aydin Can and Associates Buse Yonat and Buse Ozdamar.
Former Ozbay & Okumus Partner Umut Rasim Ozbay has joined Gen Temizer Erdogan Girgin Attorney Partnership as a Counsel.
Following his departure, his previous firm rebranded to Oker Legal.
Ozbay co-founded Ozbay & Okumus in 2017. Before that, he worked under the eponymous Ozbay Hukuk Burosu between 2012 and 2017. Earlier still, he was a Lawyer with Yilmaz Law Firm between 2011 and 2012. Ozbay started his legal career with the Gen Temizer team in 2010 as a Legal Intern.