Lexist has advised Turkish carpet manufacturer Artemis Hali on its IPO on Borsa Istanbul.
According to Lexist, Artemis Hali has over 1,500 points of sale in Turkiye.
The Lexist team included Partners Murat Erbilen and Mesut Kaya, Senior Associate Sevde Nur Paksoy, and Associate Miray Sonsuz.
The Aksan Law Firm has advised rapid prototyping company Rototip on its EUR 1 million investment round led by Act Venture Partners and including Heartfelt and APY Ventures.
Turkiye’s Rototip offers rapid prototyping and manufacturing services. According to the law firm, “Rototip provides engineers with the high-quality parts they need to bring their designs to life, from early prototypes to finished products on mass production.”
“As the manufacturing supply chain moves away from the offshoring trends of the early 2000s, the near-shoring solutions we offer allow our customers to source from nearby geographies, while increasing quality, eliminating supply chain risks, and without compromising on their budgetary targets,” Rototip announced. “This investment will allow us to improve our cutting-edge technology and keep growing our customer base and partner network at an even higher rate.”
Based in Amsterdam, Act Venture Partners is a venture capital firm that invests in early-stage tech startups.
The Aksan team included Partner Alper Onar and Associate Betul Colak.
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised lead investor Dutch Founders Fund and 212 VC on their recent investment in Getmobil.
Getmobil is a Turkish start-up company focusing on refurbished consumer electronics, offering door-to-door delivery and AI-supported pricing for refurbished devices.
The Dutch Founders Fund describes itself as “a (pre) seed venture fund that backs founders building the marketplaces of tomorrow.”
212 is a venture capital firm that supports growth-stage tech start-ups with a presence in Istanbul, among others.
According to BASEAK, “Getmobil collects used devices directly from end users or through the trade-in programs of its business partners. In addition, thanks to the software infrastructure provided by the company, business partners can professionally assess the value of the devices they will purchase and make device acquisitions. After the devices have gone through the refurbishment process at Getmobil’s ministry-approved renewal facilities, they are made available for sale on getmobil.com and other offline and online platforms.”
The BASEAK team was led by Partner Okan Arican and included Associate Dilruba Guldogan.
Former Managing Associate Furkan Sahankaya has been appointed to a Partner position in the Insurance/Reinsurance department of the Durukan Law Firm in Istanbul.
Sahankaya joined Durukan right out of law school, back in 2018, as a Legal Intern. He became an Attorney at Law in 2019 and made Senior Associate in 2020, before being promoted to Managing Associate in January 2023.
“Furkan Sahankaya has distinguished himself both as a great team leader and for his high-value work in the compensation and liability practice,” the Durukan Law Firm announced. “We are looking forward to his new achievements in the rest of his career!”
Turkiye always has its ups and downs, according to Guleryuz Partners Partner Zahide Altunbas Sancak, who points to the coming local elections and their role as a confidence check, while also making her own bets that include technology, digital banking, and energy.
“Local elections are coming in March, so we’re seeing a bit of a holding pattern till the results are in. We still have a busy pipeline with investments and projects that can’t be put on hold,” Altunbas Sancak begins, “but we’re seeing some caution: the local elections will function as a confidence barometer for the country’s new economic approach, with a new minister of the economy and new head of the Central Bank.”
The economic climate is becoming clearer, and confidence is returning to Turkish markets, she notes, “but it’s still slow going: caution still abounds in investments, hirings, and so on,” Altunbas Sancak continues. “But the banks and several market sectors are getting ready for increased M&A activity. We’re just not sure if 2024 will be the boom year, or if it’s just a preparation year.”
Considering there is still inflation, expectations for the economy seem to include interest rates going up a bit more. “And then, hopefully, stabilizing inflation over the summer,” Altunbas Sancak notes. “But it is all connected, for better or worse,” she continues. “With the restriction on credit limits in place, the IPO market has seen huge growth in the past two years. Small adjustments to related regulation were made, with the thresholds increasing somewhat, to account for the devaluation of the lira and to prevent further risk.”
Moving on to legislation, Altunbas Sancak highlights tax changes set to impact restructuring cases and demergers. “We had tax exemptions in place for certain cases, like the spin-off of real estate properties. Those exemptions were abolished on January 1. The change will significantly affect the restructuring process,” she emphasizes.
And big news is expected for the Turkish Competition Authority. According to Altunbas Sancak, the authority has broad powers regarding on-site investigations: “They can go into workplaces and collect data or secure computers, with no prior notice. Recently, the Constitutional Court issued a decision saying that those broad powers are unconstitutional as they breach the inviolability of domicile. The CC is currently examining whether to cancel the relevant regulation in competition law. So we’ll wait and see if the authority’s power will be curtailed or not – but the impact of the former decision on concluded and ongoing investigations could be momentous.”
Another legal update was a law on short-term rentals, dubbed the “Airbnb law.” As Altunbas Sancak explains, on account of Turkiye’s touristic appeal and unpredictable circumstances, the short-term rentals of private housing saw a marked increase. “In terms of taxes, such operations had to be registered already – but from now on, they’ll have to have the appropriate permits as well.” The difficulty, according to her, “will rest with the enforcement of the new law.”
As a sign of good things to come, Altunbas Sancak points to Guleryuz Partners’ work on the Tiryaki Group’s USD 112.5 million financing package from the IFC, FMO, and Proparco, to finance an agro-industrial complex in Iraq’s Umm-Qasr Port, citing it as a win “in facilitating international financial collaborations that also highlights the importance of sustainable agricultural development in the broader MENA region.”
Asked to place bets on which sectors will drive the firm’s pipeline in the coming months, Altunbas Sancak says she leans “more towards strategic investments, rather than PE activity. Energy remains a solid bet, and only expected to increase,” she notes, while “the technology sector will remain strong, with moves also set to happen in digital banks.”
Former Danone Head of Legal & Compliance in Turkiye Sevda Aydin Alemdar has returned to private practice by joining Sayin Law & Consulting as a Partner to lead the firm’s FMCG and Healthcare sectors out of Washington DC.
Before joining her new firm, Alemdar spent four years as Head of Legal and Compliance with Danone and, earlier, 11 years with PepsiCo between 2008 and 2019 – eight of which as a Senior Legal Counsel. Earlier still, she spent over two years as an Associate Partner at the SA Law Office and three years with the Benli Law Office, starting in 2003.
“Alemdar will be based in Washington DC and will also support our clients in immigration and international law matters,” Sayin Law & Consulting announced. “We wish Sevda Aydin Alemdar all the best and look forward to contributing to our firm’s future together.”
Originally reported by CEE In-House Matters.
Gen Temizer Ozer has advised Bor Seker on its IPO and listing on the Istanbul Stock Exchange.
Bor Seker manufactures packaged sugar products.
According to Gen Temizer Ozer, “the offering met with demand from 2.6 million investors, with demand reaching two times the total offer in domestic individual investors and 8.4 times the total offer in domestic institutional investors, amounting to a total size of TRY 1.860 billion.”
The Gen Temizer Ozer team included Partner Baran Gen, Managing Associate Dila Topuz, Associates Berke Yalcin, Ece Gun, and Hatice Nur Arslan, Legal Trainees Sila Ustaoglu and Doga Gunaydin, and Legal Assistant Ali Kiziltepe.
Allen & Overy and Turkish affiliate Gedik & Eraksoy have advised the joint bookrunners on Turkiye Wealth Fund’s inaugural international bond offering, raising USD 500 million at 8.25% interest.
The Turkey Wealth Fund is a USD 33 billion sovereign wealth fund founded in August 2016 and owned by the Government of Turkey.
The Gedik & Eraksoy team included Partner Umut Gurgey, Senior Associate Dilsah Gurses Erulutekin, and Associate Melis Yilmaz Diler.
The Allen & Overy team was led by London-based Partner Jamie Durham.
Gedik & Eraksoy did not respond to our inquiry on the matter.
Editor’s Note: After this article was published, Baker McKenzie announced it had advised the TWF on the offering. According to the firm, “despite a USD 500 million offering, the order book exceeded USD 7 billion, resulting in an oversubscription rate of over 14 times, the highest ever recorded in Turkey.” The firm’s team was led by London-based Partner Megan Schellinger.
Egemen Egemenoglu has been appointed the new Managing Partner of the Egemenoglu Law Office in Istanbul, following a meeting of the firm’s Partners on January 27. He takes over from Yunus Egemenoglu, who will now serve as a Senior Partner at the firm.
Egemen Egemenoglu specializes in dispute resolution and is also the firm’s Head of the International Transactions and Projects group. He has been with the firm since 2015. Before that, he spent almost four years with Bailey Gary and a year with Ober Kaler.
Yunus Egemenoglu established his eponymous firm in 1982 and has been on board for 41 and a half years. He has “contributed immensely to the legal field for over 40 years […] specializing in banking and finance, financial restructuring, mergers and acquisitions, and bankruptcy law,” the firm announced. “This transition marks a new chapter and evolution for our firm, with Yunus Egemenoglu continuing to offer his vast experience and deep legal insight in his new role.”
Former Esin Attorney Partnership Partner Caner Elmas has joined Allen & Overy Turkish affiliate Gedik & Eraksoy as a Partner.
According to Gedik & Eraksoy, “Caner is one of the most prominent practitioners in the Turkish M&A market and is highly regarded for his breadth of experience across a broad array of sectors including energy, financial institutions, technology, healthcare, retail, manufacturing, and gaming.” Before the move, Elmas spent over 15 years with the Esin Attorney Partnership, having joined the firm back in 2008.
“We’re pleased to welcome Caner Elmas to the G&E team – his extensive experience on both private equity deals and public M&A transactions will further bolster our offering in the region,” Gedik & Eraksoy Partner Umut Gurgey commented.
“Caner’s market-leading reputation in Turkiye, coupled with the strength of our international platform, further enhances our ability to support international clients on inbound investment opportunities in Turkiye, as well as to support Turkish clients on outbound investments,” Allen & Overy Partner Adam Fadian added.