Category: Turkiye

Clifford Chance has advised the EBRD on a USD 200 million loan to A101 Yeni Magazacilik for supporting environmental and social sustainability initiatives.

Yeni Magazacilik is a Turkish discount retailer.

According to Clifford Chance, “this funding will support the expansion of A101’s stores and warehouses nationwide, while upgrading existing sites with energy-saving technologies, such as solar panels. Additionally, A101 will launch training programs in earthquake-affected areas to boost workforce participation, particularly among women.”

The Clifford Chance team included Partner Sait Eryilmaz, Counsel Gokce Uzun, Associate Berke Avarkan, and Trainee Lawyers Aykan Karpuzcu, Busra Altuntas, and Sena Cengiz.

Clifford Chance did not respond to our inquiry on the matter.

Baker McKenzie has advised Emirates NBD Bank, Goldman Sachs International, HSBC Bank J.P. Morgan Securities, and Merrill Lynch International as joint bookrunners on Zorlu Enerji’s USD 800 million debut Rule 144A/Reg S senior guaranteed sustainability-linked notes issuance. White & Case and its Turkish affiliate GKC Partners advised Zorly Enerji.

According to Baker McKenzie, the notes, due in 2030 with a yield of 11.000%, are listed on Euronext Dublin and are subject to a redemption price step-up linked to certain ESG targets. The proceeds from the issuance will be used as part of a comprehensive refinancing of the Zorlu Group’s capital structure, including the full redemption of outstanding notes issued by Zorlu Renewables.

The Baker McKenzie London-based team included Partners Megan Schellinger and Rob Mathews, Senior Associate Maxim Khrapov, Associates Henry Gee and Akshay Prasad, and Trainee Andrey Ivanov.

The White & Case team included London-based Partners Richard Pogrel and Melissa Butler and Associates Hashim Eltumi, Anu Alamatu, and Thomas Barker-Weinberger.

The GKC Partners team included Partner Guniz Gokce, Counsel Derin Altan, Associates Kaan Alkan and Sehriban Unlu, and Legal Intern Muhammed Asula.

Paksoy, working with Ashurst, has advised Samsung C&T, Korea Overseas Infrastructure & Urban Development Corporation, and KDB Infrastructure Investments Asset Management on the financial closing of the Nakkas-Basaksehir section of the Northern Marmara Highway Project.

According to Paksoy, “the project, valued at EUR 1.43 billion, is one of Turkiye’s largest in the road sector and involves five project sponsors and 16 participating financial institutions. The consortium of Samsung C&T, KIND, KDB Kaimco, Turkish construction group Ronesans Holding, and the Korea Expressway Corporation serves as project sponsors.”

The Paksoy team included Partners Stephanie Beghe Sonmez, Sera Somay, Okkes Sahan, and Togan Turan, Counsel Zekican Samli, Senior Associate Sabri Kaya, and Associates Bulent Ozturk, Gamze Boran, and Selen Toma.

Paksoy did not respond to our inquiry on the matter.

White & Case’s Turkish affiliate GKC Partners has advised the IFC on its subscription of QNB Turkiye’s blue and green bond issuances.

The GKC Partners team included Partners Sebastian Buss, Gokce Uluc, and Derin Altan and Associates Sehriban Unlu, Goktug Yigiter.

Paksoy has advised on the USD 750 million inaugural sukuk issuance of the Turkiye Wealth Fund.

TWF has a portfolio of assets including 31 companies in 7 sectors, 2 licenses, and real estate.

The Paksoy team included Partner Sera Somay, Counsel Merve Kurdak, and Associate Melis Gencol Ince.

Paksoy did not respond to our inquiry on the matter.

Clifford Chance has advised the joint bookrunners on Industrial Development Bank of Turkey’s USD 350 million Rule 144A/Reg S issuance of 7.125% senior notes due 2029.

According to Clifford Chance, TSKB aims to maintain sustainable growth in Turkey by adding value to the Turkish economy, primarily by supporting the private sector with medium and long-term financing.

The Clifford Chance team included Istanbul-based Partner Sait Eryilmaz, Associate AliCan Altiparmak, Senior Associate Bilgesu Cakmak, and Associate Aykan Karpuzcu as well as further team members in Paris and London.

Clifford Chance did not respond to our inquiry on the matter.

Paksoy, working with Freshfields, has advised the Abu Dhabi sovereign wealth fund ADQ on its acquisition of a 96% stake in Odea Bank from Bank Audi, EBRD, IFC, and other shareholders.

The transaction remains contingent on regulatory approval.

Odea Bank is a Turkish financial institution with TRY 87.3 billion in assets. 

Bank Audi is a Lebanon-based universal bank and financial services company headquartered in Beirut.

In 2017, Paksoy advised Odea Bank on its tier 2 bond issuance (as reported by CEE Legal Matters on August 28, 2017).

The Paksoy team included Partners Stephanie Beghe Sonmez, Nazli Bezirci, Sera Somay, Muhammed Kesim, and Togan Turan and Associates Deniz Benli, Mert Karakaslar, and Selen Toma.

Paksoy did not respond to our inquiry on the matter.

Keco Legal has advised Param on its acquisition of Nebim Yazilim from individual shareholders including members of the Sisa, Demiroglu, and Godek families. BTS Legal reportedly advised the sellers.

Param is a financial technology company offering payment solutions and services. 

Nebim Yazilim is a Turkish software company.

The Keco Legal team included Partners Berk Cin and Ozkan Ozdogan, Associate Alper Katirci, and Legal Intern Ezgi Saba Varol.

Former Baker McKenzie’s Turkish affiliate Esin Attorney Partnership Senior Associate Ceyda Sila Cetinkaya has joined Merzigo as a Senior Vice President.

Merzigo is a video monetization company.

Before the move, Cetinkaya was an Associate with Esin Attorney Partnership between 2017 and 2023 and a Senior Associate between 2023 and 2024. 

“I am excited to join Merzigo and be part of the Key Networks Group,” Cetinkaya commented. “Merzigo is a leader in the industry, offering a flexible content monetization service that expertly manages the intricate content distribution process to deliver guaranteed revenue from assets that may seem fully utilized. As SVP, I am leading our global commercial activities focusing on expanding our presence both locally and internationally, particularly in key markets like London and Los Angeles. I am also leading the legal and quality teams, which presents a unique opportunity to drive corporate growth and streamline our international efforts. I believe that the experience I gained at Baker McKenzie has given me a unique perspective that will enhance my approach to this role.”

Originally reported by CEE In-House Matters.

Paksoy has advised Roenesans Holding on its USD 350 million notes issuance of fixed-rate senior guaranteed sustainable notes due 2029. 

Roenesans Holding is a construction and investment business conglomerate.

In 2019, Paksoy advised VTB Bank on its financing of Roenesans Holding projects (as reported by CEE Legal Matters on March 12, 2019).

The Paksoy team included Partner Omer Collak and Associates Bulent Ozturk and Doga Pinarli.

Paksoy did not respond to our inquiry on the matter.