Category: Turkiye

BTS & Partners has advised Revo Capital — a venture capital fund investing in innovative seed & early-stage B2B or B2C technology ventures in Turkey — on its 1.4. million USD investment to V-Count. Gokce Attorney Partnership advised V-Count on the deal.

According to BTS & Partners, “V-Count was founded in Metu Technopolis to focus on developing for emerging/video processing products and people counting systems in 2006. Today, V-Count develops systems and software that enables measuring customer circulation in the malls and retail stores and provides its services to a major group of companies including Defacto, Kigili, Arcelik, [and] Vakko.”

BTS & Partners also quoted the founders of V-Count as saying that “V-Count is one of the three companies in this sector that develops both hardware and software at the same time and with the growth rate of 300% of its subscription incomes in last year V-Count is also clearly the sector leader in Turkey. The investment made by Revo Capital will help expediting V-Count’s operations in foreign markets.”

The BTS & Partners team consisted of Senior Associate Zeynep Unlu and Okan Arican and Associate Muge Minareci.

The Gokce Attorney Partnership team advising V-Count was led by Managing Partner Gorkem Gokce, supported by Associates Zeynep Ozsoy and Cagla Nizam. 

The Moral law firm has advised Murat Turistik Tesis Yatirimlari Otel Sanayi ve Ticaret A.S. (“Murat Turistik”) on the construction and development of the Park Forbes Shopping Mall and Double Tree by Hilton Iskenderun.

The Moral law firm describes the project as “not only a shopping mall but also a business and tourism center, and says that “Park Forbes is designed to be a favorable relaxing, meeting and shopping mall and hotel location especially for the business people who use the Iskenderun harbor.”

According to Moral, Park Forbes — which opened on June 17, 2016 — carries an investment value of approximately USD 120 million. The part which is arranged for accommodation contains two 16-floor towers — one set up as a 5 star Double Tree by Hilton Hotel, and the other as residence. The shopping mall area is a 6-floor building.

The leasing and management consultancy of Park Forbes is handled by Jones Lang LaSalle Turkey.

Moral’s advice to Murat Turistik consisted of negotiating and closing approximately 80 leasing agreements, auditing and ensuring compliance for the project finance process, negotiating and drafting more than 15 supply contracts, and providing legal assistance in auxiliary and secondary procedures such as permits, registrations, etc.

The Moral team consisted of Vefa Resat Moral, Karaca Kacar, and Melis Menku.

Image Source: doubletree3.hilton.com

Paksoy has advised the EBRD and IFC on their acquisition of a 5% stake in Akfen Yenilenebilir Enerji A.S., which holds the renewable energy asset portfolio of Akfen Holding A.S., constituting of hydro, wind, and solar energy investments. Closing took place on June 12, 2016 after clearance from the Turkish Competition Authority and Energy Market Regulatory Authority was obtained.

Paksoy reports that “according to the project agreements, each of EBRD and IFC has a right to hold up to circa 16% equity in Akfen Yenilenebilir Enerji A.S.”

The Paksoy team was led by Partners Elvan Aziz and Zeynel Tunc, supported by Senior Associate Asli Kehale Altunyuva.

Paksoy did not reply to our inquiry about counsel for Akfen on the deal.

Turkish corporate lawyer Gaye Spolitis has been promoted to Partner at the Erdem & Erdem law firm.

According to Erdem & Erdem, Spolitis focuses on “international M&A, energy law and energy retail, public offerings, shareholders agreements, public tenders, privatizations, joint ventures, private equity investments and legal structuring, international commercial transactions and contracts, company law and corporate governance and infrastructure agreements.”

Before joining Erdem & Erdem Spolitis worked at Zorlu Holdings A.S. Energy Group and at Haci Omer Sabanci Holding A.S. From 2012-2013 she served on the Board of Directors of CarrefourSA Carrefour Sabanci Ticaret Merkezi A.S.

Spolitis graduated from the Dokuz Eylul University School of Law and received an LL.M. from the London School of Economics.

The Esin Attorney Partnership has advised the shareholders of the Planet Platform and TV group on the sale of a majority stake of the issued share capital of Planet TV ve Uydu Platform Isletmeciligi A.S. (“Planet TV”), the Turkish broadcast platform company, to Sony.

Planet TV is the sole shareholder of the companies operating Turkish TV channels Planet Turk, Planet Mutfak, Planet Cocuk, and Planet Pembe.

According to the Esin Attorney Partnership, “Planet TV, with Sony as its partner, will continue its dynamic development and growth into being a major thematic channel owner and operator in Turkey.” The 4 premium thematic channels owned by Planet TV offer local content in Kids, Cooking, Turkish Movies, and Soaps. According to the firm, “these themes used to be program grids of mainstream channels until Planet, pioneering a new approach, articulated them as distinct channel identities, in turn providing advertisers with targeted audiences.”

The Esin Attorney Partnership team that advised Planet Platform and TV Group was led by Partner Eren Kursun, who described the partnership between Planet Platform and Sony as “a game changer for the Turkish media sector.” Kursun was supported by Associates Gul Incesulu, Mehmetcan Atasoy, and Sait Baha Erol.

Schoenherr has advised the Mondi Group (consisting of Mondi Limited and Mondi plc) on the acquisition of 90% of the outstanding share capital in Turkish Kalenobel for a consideration of around EUR 90 million on a debt-and-cash-free basis from ARGUS capital, a CEE focused private equity group, and M. Olcay Hephiz, one of the company’s founders. Kolcuoglu Demirkan Kocakli advised the sellers on the deal, which closed on July 12, 2016 following competition clearance and other customary closing conditions.

The Mondi Group is an international packaging and paper company, employing around 25,000 people across more than 30 countries. Kalenobel is a Turkish consumer packaging company that manufactures flexible consumer packaging for ice cream and other applications as well as aseptic cartons. The Istanbul-based company serves both international FMCG companies and regional food and beverage producers.  

“With its dynamic economy and large consumer base Turkey is a high growth market with international companies not shying away from investing here,” said Schoenherr Partner Levent Celepci, who co-led the transaction. “Foreign investors are set to gain from tapping into the Turkish market and its favorable geographical position.” Celepci and fellow co-lead Partner Alexander Popp were supported by attorneys Burke Serbetci and Murat Kutlug and Associate Alara Baki.

The Kolcuoglu Demirkan Kocakli team advising ARGUS Capital and M. Olcay Hephiz consisted of Partner Umut Kolcuoglu, supported by Senior Associate Begum Incecam and Associate Asli Tamer.

A team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International, advised Hitachi Kokusai Turkey on its acquisition of a stake in the share capital of BCS Teknoloji Yayincilik Haberlesme Sanayi ve Ticaret A.S.  The size and value of the stake was not disclosed.

Hitachi Kokusai established Hitachi Kokusai Turkey in Istanbul, Turkey in 2013. From the time of its establishment, Hitachi Kokusai Turkey has been working with its local partner, BCS, on creating a sales, maintenance, and service platform to strengthen the broadcasting equipment/systems business in Turkey and the Middle East. The recent decision to make BCS a consolidated subsidiary of Hitachi Kokusai Turkey is intended to promote further business expansion by streamlining their business strategies to speed up management decisions and demonstrate business synergy.

Partner Duygu Turgut remarked, “This deal is a good indication for the ongoing appetite of the giant Japanese companies in the Turkish market as also evidenced by the recent successful investments by Sony, Mitsui, Mitsubishi and GS Yuasa. We have experienced a stream of mandates from Japanese companies and we expect more to follow.”

The deal was led by Partner Duygu Turgut and Senior Associate Sertac Kokenek, and supported by visiting Baker & McKenzie Senior Associate Seiji Tomimoto and Associates Orcun Solak, Guven Mavis, Gokce Serez, Pinar Erdem, and Gokhan Akcaalan.

Paksoy, working together with Latham & Watkins, has advised Comdata, the Italian industrial partner for BPO (Business Process Outsourcing) held by the Carlyle Group, on its acquisition of Win Bilgi Iletisim Hizmetleri A.S., a leading call center services provider in Turkey. Yazici Legal advised the seller, Ugur Turkmen, on the deal.

The Paksoy team advising Comdata was led by Partner Togan Turan, working together with Senior Associate Serdar Ildirar and Zeynep Toma.  

The Esin Attorney Partnership (EAP), a member firm of Baker & McKenzie International, has advised ING Group’s Turkish subsidiary on a syndicated loan obtained for general trade finance purposes. Balcioglu Selcuk Akman Keki Attorney Partnership (BASEAK), working alongside Dentons, advised the lenders.

EAP advised ING Bank A.S. (ING Bank Turkey) on a USD 101,078,522.51 and EUR 358,130,422.38 dual currency term loan agreement between it and a syndicate of 26 major banks. Wells Fargo Bank, N.A., London Branch, Bank of America Merrill Lynch International Limited, Barclays Bank PLC, Citibank N.A. London Branch, Goldman Sachs International, J.P. Morgan Limited, Mizuho Bank, Ltd., Standard Chartered Bank, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. were Mandated Lead Arrangers. A further 17 banks committed to the deal at various levels. The deal was signed and closed on June 21, 2016.

Remarking on the matter, EAP Partner Muhsin Keskin, who led the firm’s team on the deal, commented that “the firm continues advising on the refinancing of ING Bank’s syndication since 2014, and we are very pleased to have worked with them again.” Keskin was supported by Associate Mustafa Ozkan Ozdogan.

This marks the third straight year that Keskin has led an EAP team advising ING on its syndicated loan refinancing, following similar projects in 2014 (as reported by CEE Legal Matters on March 25, 2014) and 2015 (as reported on June 16, 2015).

Editor’s Note: After this story was published, Dentons informed CEE Legal Matters that London-based Partner Isaac Felberbaum and Associate Nicola Balmer had worked with BASEAK Partner Gunhan Yalcin and Associates Ceyda Aydin and Cemre Demirkaya in advising the lenders. 

Baker & McKenzie SCP (Paris) and Esin Attorney Partnership (Istanbul), a member firm Baker & McKenzie International, have advised Commerzbank and a syndicate of international banks on their extension of a multi-tranche term loan facility to the Industrial Development Bank of Turkey (TSKB). YaziciLegal was the borrower’s counsel.

The USD 280 million loan is the largest ever raised in the TSKB’s history. The facilities replace TSKB’s USD 17.5 million and EUR 213 million multi tranche term loan facilities dated  July 2, 2015 and maturing on July 11, 2016. TSKB raised approximately USD 280 million equivalent in commitments, split into a USD 12.5 million and a EUR 237.5 million tranche, which represents a rollover ratio of above 100% over the size of last year’s facility. The facilities were joined by a group of 16 banks from 10 different countries, including both TSKB’s core relationship banks and new participants.

Baker & McKenzie’s EMEA Head of Banking & Finance, Michael Foundethakis (in Paris), and its Head of Banking & Finance in Turkey, Muhsin Keskin (Istanbul), led the team advising the lenders, with support from Paris-based Associate Nicholas Macheras and Istanbul-based Associate Berkay Ozludil.

“This is the fifth consecutive and the largest TSKB syndication which the firm has advised on over the last five years, involving a syndicate of banks led by Commerzbank and Bayern LB, and our team’s success has once again, further cemented our relationship with Commerzbank in Turkey and globally,” commented Muhsin Keskin.

YaziciLegal did not reply to our inquiry on the matter.

Image Source: commerzbank.com