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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

PineBridge Acquires 50% Stake in Romatem

July 2014. Press Releases by Paksoy (view listing).

PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.

Read more…

Isbank Issued USD 750 Million Notes

July 2014. Press Releases by Paksoy (view listing).

Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021.

Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.

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Halkbank Issued USD 500 Million Notes

July 2014. Press Releases by Paksoy (view listing).

Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million  with an interest rate of 4.765 %  and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe.

Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.

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Turkiye Finans to Issue Ringgit Sukuk to Raise Up to MYR 3 Billion In Malaysia

July 2014. Press Releases by Paksoy (view listing).

Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers.

Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.

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Ziraat Bank Established GMTN Programme to Issue Bonds Worth USD 2 Billion

July 2014. Press Releases by Paksoy (view listing).

Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to  USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank pari-passuwith Ziraat Bank's other senior unsecured obligations.

The arranger and the dealers were represented by Mr Omer Collak (partner), Mr Serdar Ildirar (senior associate) and Mr Sansal Erbacioglu (senior tax counsel) as to Turkish law and Turkish tax matters.



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Vakifbank Sells EUR 500 Million Notes Under USD 5 Billion GMTN Programme

July 2014. Press Releases by Paksoy (view listing).

Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.

Mr Omer Collak (partner), Mr Baris Kencebay (head of tax practice) and Mr Serdar Ildirar (senior associate) have advised the joint lead managers Barclays, BNP Paribas, Commerzbank, Erste Group, Natixis and UniCredit.



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First Corporate Dual Tranche Notes of Turkey Issued by Turk Telekom

July 2014. Press Releases by Paksoy (view listing).

Turk Telekom, telecommunication operator of Turkey, issued 500 million USD 5-year (due 2019) and  USD 500 million 10-year (due 2024) notes listed on Irish Stock Exchange and bear interest at the rates of 3.750 % and 4.875 % p.a., respectively. The issuance is the very first dual tranche note offering of a corporate non-sovereign borrower in Turkey and the debut Eurobond offering of Turk Telekom.

Paksoy has acted in this debut offering of Turk Telekom, and is pleased to announce that Mr Omer Collak (partner), Mr Baris Kencebay (head of tax practice) and Mr Serdar Ildirar (senior associate) have advised the joint lead managers Barclays, BNP Paribas, Deutsche Bank, Emirates NBD and JP Morgan.

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Paksoy advises Metro Group on the sale of Real Turkey to Hacı Duran Begendik

July 2014. Press Releases by Paksoy (view listing).

The international retailing company METRO GROUP, signed an agreement with a local Turkish partner Hacı Duran Begendik about the divestment of Real's Turkish operations on 30 June 2014.

The divestment of Real Turkey to Hacı Duran Begendik covers all 12 hypermarkets and the headquarters. The transaction is subject to Competition Board approval and is expected to be closed in summer 2014.

Paksoy is pleased to announce that Mr Togan Turan (partner) and Ms Selin Barlın (associate) advised Metro Group AG on the sale of Real's Turkish operations.  

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Panasonic acquires Turkish Wiring Device Maker VIKO

July 2014. Press Releases by Paksoy (view listing).

apanese electronics giant, Panasonic, has acquired the majority stake, 90% of the shares, in the Turkish electrical equipment manufacturer, VIKO.

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Malaysian Airports Holding Berhad Acquired additional 40% stake in Sabiha Gökçen Int. Airport

May 2014. Press Releases by Paksoy (view listing).

Malaysian Airports Holding Berhad ("MAHB"),  acquired an additional 40% equity stake in Istanbul Sabiha Gökçen International Airport, the second biggest international airport in Istanbul.

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Canadian Investor Purchases Shares in Polat Enerji

April 2014. Press Releases by Paksoy (view listing).

A large institutional Canadian investor recently acquired 100% of Adnan Polat Enerji Yatırımı A.Ş. (“AP Enerji”), which holds 50% of Polat Enerji Elektrik Üretim A.Ş. (“Polat Enerji”). Subsequently, each of AP Enerji and the international renewable energy company EDF Energies Nouvelles S.A. (“EDF”), through its subsidiary EEN-TK Holding A.Ş. (“EEN-TK Holding”), sold their 5% stakes in Polat Enerji to Batıyel Elektrik Üretim A.Ş. (“Batıyel Elektrik”), whose majority stake is held by Adnan Polat.


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Mitsubishi Heavy Industries Ltd. acquired 50,1 % shares of a Turkish electricity generation company

March 2014. Press Releases by Paksoy (view listing).

Mitsubishi Heavy Industries Ltd. ("MHI"), the worldwide leading energy, engineering and electrical equipment company, acquired 50, 1% of the shares in Kırklareligaz (Kırklareligaz Enerji Üretim San. ve Tic. A.Ş.), an electricity generation company holding a generation licence for a total capacity of 430 MW (to be increased to 520 MW) of a combined natural gas power plant. 

 

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Alliance One and Öz-Ege Announces the Creation of Turkish Processing and Storage Joint Venture

March 2014. Press Releases by Paksoy (view listing).

Alliance One International, Inc., the independent leaf tobacco merchant serving the world's cigarette manufacturers  nnounced that its Turkish subsidiary, Alliance One Tütün A.Ş. (AOT) and Öz-Ege Tütün Sanayi Ve Ticaret A.Ş. (Öz-Ege), have entered into a joint venture, Oryantal Tütün Paketleme Sanayi A.Ş., (OTP) located in Torbali, Izmir in Turkey. 

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BHL Eurasia Ltd’s purchase of 85% of Telesure Sigorta ve Reasürans Brokerligi A.S.

March 2014. Press Releases by Paksoy (view listing).

BHL Eurasia Ltd, a subsidiary of Telesure Investment Holdings, recently purchased 85% of the shares in Telesure Sigorta ve Reasürans Brokerliği A.Ş., a Turkish insurance brokerage company. 

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Aklease Sells $250 Million Notes in its Debut Issuance

August 2013. Press Releases by Paksoy (view listing).

Ak Finansal Kiralama A.S., the financial leasing subsidiary of Akbank, issued $250 million 5-year notes. The notes are listed on Irish Stock Exchange and bear interest at the rate of 4.125 % p.a. with a maturity date 17 April 2018. The issuance is the very first debt offering of a Turkish financial leasing company tapping into international debt capital markets.

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Carrefour sold the controlling shares in CarrefourSA

August 2013. Press Releases by Paksoy (view listing).

French multinational retailer Carrefour sold its controlling shares in Turkish listed company CarrefourSA to Sabancı Holding. Carrefour and Sabancı Holding have been long-standing and joint venture partners in CarrefourSA since 1996.

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Georg Fischer to acquire majority stake in Hakan Plastik of Turkey

June 2013. Press Releases by Paksoy (view listing).

Georg Fischer Ltd. (GF) signed a share purchase agreement on 7 May 2013 to acquire majority stake in Hakan Plastik A.S., with an option to acquire the remaining shares in following years. 

Paksoy is pleased to announce that Ms Elvan Aziz (partner) and Ms Nihan Bacanak (associate) represented GF in this transaction. 

Read more…

Turkey’s leading budget airline completed biggest IPO of 2013 in Borsa Istanbul

June 2013. Press Releases by Paksoy (view listing).

Pegasus Airlines, the fast-growing Turkish low-cost carrier, completed its IPO on 18 April 2011, listing 34.5% of its stock on Borsa Istanbul at TL 18.40 ($10.2) per share.

Paksoy is pleased to announce that Mr. Omer Collak (partner), Mr. Erkan Tercan (counsel) and Ms. Hulya Posaci Bolukbasi (associate) acted for Barclays and İş Yatırım in this landmark equity offering.

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First GMTN Programme of Turkey Established by Vakıfbank

May 2013. Press Releases by Paksoy (view listing).

Vakıfbank established the first global medium term note programme for the notes to be issued up to $3 billion or its equivalent in other currencies. The first issuance under the programme has been completed on 15 April 2013 for $ 600 million 5-year notes listed on Irish Stock Exchange and bear interest at the rate of 3.75 % p.a. with a maturity date 15 April 2018.

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Isbank issued $500 million senior notes without conducting a roadshow

April 2013. Press Releases by Paksoy (view listing).

The stability of Turkish economy as well as Isbank's reliability at the markets have been proved by its $500m benchmark issuance with a 5.5-year maturity without conducting a roadshow or public availability session. The notes are listed on Irish Stock Exchange and bear interest of 3.75% p.a. with a maturity of 10 October 2018. 

Paksoy is pleased to announce that Mr Omer Collak (partner), Ms Esen Irtem (associate) and Baris Kencebay (senior tax counsel) have advised the joint lead managers as to Turkish law and tax matters in this landmark transaction.

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BankPozitif Sells $150 Million Notes in Debut Issuance

April 2013. Press Releases by Paksoy (view listing).

BankPozitif Kredi ve Kalkınma Bankası A.S., a non-deposit taking Turkish Bank, issued $ 150 million 5-year unsecured and unsubordinated notes. The notes are listed on Luxembourg Stock Exchange and bear interest at the rate of 5 % p.a. with a maturity date 7 February 2018.

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Yapı Kredi's $500 million senior unsecured notes

March 2013. Press Releases by Paksoy (view listing).

New year's bright lead-up at Turkish bond markets comes from Yapı Kredi's $500 million senior unsecured notes

Turkey's first privately-owned bank, Yapi ve Kredi Bankası A.S., issued $500m senior unsecured notes which will rank pari passu with all other outstanding unsecured and unsubordinated obligations of Yapi Kredi. The notes are listed in Ireland and bear interest at the rate of 4 % p.a. with a maturity date 22 January 2020. Fitch Ratings has assigned a final rating of 'BBB' for the issue of the Yapi Kredi's notes.

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The torch of 2013 issuances has been passed to Halkbank for its $750 million notes

March 2013. Press Releases by Paksoy (view listing).

Turkey's state-controlled Halkbank has issued its second ever dollar-denominated notes, a $750m benchmark with a 7-year maturity. The notes are listed on Irish Stock Exchange and bear interest of 3.875% p.a. with a maturity of 5 February 2020.

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Paksoy advises JP Morgan in USD330 million term facility

February 2013. Press Releases by Paksoy (view listing).

Dogus Holding AS, one of the major conglomerates in Turkey, has recently received USD330 million term facility from JP Morgan.

Paksoy is pleased to announce that Mr Togan Turan (partner) and Esen Irtem (associate) advised the lender, JP Morgan, in this financing transaction.

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Actera Group buys 50% stake in Celebi Aviation Holding

February 2013. Press Releases by Paksoy (view listing).

Actera Group, one of the largest private equity firms in Turkey, recently signed a share purchase agreement for 50 % stake in Celebi Aviation Holding, the parent company of Celebi Aviation.

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Yapi Kredi Sells $1 Billion 10-Year Subordinated Bond

December 2012. Press Releases by Paksoy (view listing).

Turkish bank Yapi Kredi sold USD 1 billion 10-year subordinated bonds. The deal is the third Turkish Tier 2 issue this year, and has given clear sign to the international markets that Turkish banks will continue to issue Tier 2 notes as the country moves from Basel I to Basel II.

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Vakifbank Joins Tier 2 Queue

December 2012. Press Releases by Paksoy (view listing).

Turkiye Vakiflar Bankasi T.A.O. issued USD 500 million of Tier 2 senior unsecured subordinated notes under Rule 144A and RegS. The notes carries a coupon of 6% and matures on 1 November 2022.

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Is Private Equity to Become a Shareholder in Num Num Restaurant Chain

November 2012. Press Releases by Paksoy (view listing).

Is Private Equity, the Turkish venture capital firm, will become a shareholder owning 61.67% of the shares in Num Num restaurant chain operating with eight stores in Turkey and also the much praised Mikla restaurant. The total investment shall be realised through share sale and capital increase in an aggregate amount of TL 27 million. The transaction is subject to the usual conditions including Turkish Competition Board Approval.

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Isbank Reopens Tier 2 in Turkey

November 2012. Press Releases by Paksoy (view listing).

Isbank improved its Tier 2 capital ratios by selling USD 1 billion subordinated notes to international investors with a term of 10 years.  "Tier-2" means the funds raised sit lower in the capital structure than senior debt, exposing investors to additional risks.

The deal is the first Turkish Tier 2 issue this year, and have paved the way for others to come as the country moves from Basel I to Basel II.

Read more…

Leading Brewer Introduces Turkish Corporate Bonds to the Market

November 2012. Press Releases by Paksoy (view listing).

Anadolu Efes Biracilik ve Malt Sanayi A.S., the leading Turkish brewer, issued USD 500 million 3.375% Notes under Rule 144A and RegS.

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Beiersdorf to Acquire 100% of Turkish Affiliate

November 2012. Press Releases by Paksoy (view listing).

Beiersdorf AG, manufacturer of the NIVEA, World’s No.1 Skin Care Brand, has signed an agreement with Eczacıbaşı, a prominent Turkish industrial group with 39 companies in core sectors of building products, healthcare and consumer products, to acquire the remaining 50% equity in their long-standing joint venture company, EBC Eczacibasi-Beiersdorf Kozmetik Urunler Sanayi ve Ticaret A.S for €25 million.

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Borusan Logistics acquires a 100% stake in Balnak from Turkish shareholders and Alfa Capital Partner

November 2012. Press Releases by Paksoy (view listing).

On 2 November 2012, Borusan Lojistik, a subsidiary of Turkish conglomerate Borusan Holdings, has agreed to purchase a 100% direct and indirect stake in Balnak Nakliyat, which provides international and domestic logistics services including land, rail, sea and air transportation, logistics services, and warehouse, bonded warehouse and pharmaceuticals warehouse management, for clients in the consumer goods, retail, textile, automotive, pharmaceuticals, chemicals and petrochemicals sectors among others.

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Digiturk Financing with a value of USD 260 million

June 2012. Press Releases by Paksoy (view listing).

Digiturk, the Turkish satellite television provider, has recently received USD 260 million loan from a consortium of banks for its financing needs.

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Citi Sells Shares in Akbank

June 2012. Press Releases by Paksoy (view listing).

Citigroup Inc., which indirectly owns 20% of outstanding shares of Akbank, has sold its shares on 30 May 2012 in line with its ongoing capital planning in preparation for the implementation of Basel III regulatory requirements.

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VC Bank and Bank Alkhair acquired Goknur

June 2012. Press Releases by Paksoy (view listing).

VC Bank and Bank Alkhair (formerly Unicorn Investment Bank) acquired Turkish Fruit Juice production company, Göknur

VC Bank and Bank Alkhair  through  Turkey Juice Company S.a.r.l  acquired 65% of Göknur Foods Import Export Trading and Production Company, which is one of the largest producers of fruit juice concentrate and fruit puree in Turkey.

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Citi Sells Shares in Akbank

June 2012. Press Releases by Paksoy (view listing).

Citigroup Inc., which indirectly owns 20% of outstanding shares of Akbank, has sold its shares on 30 May 2012 in line with its ongoing capital planning in preparation for the implementation of Basel III regulatory requirements.

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AMGEN ACQUISITION OF 95.6 % OF SHARES IN MN

June 2012. Press Releases by Paksoy (view listing).

Amgen (NASDAQ:AMGN), the world’s largest biotechnology company, signed an agreement on 24 April 2012 for acquisition of approximately 94% of Mustafa Nevzat İlaç Sanayii A.Ş., which is one of the largest generic injectable manufacturers in Turkey, for an amount that values target company around USD 700m.

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Dow and Aksa sign joint venture agreement for Carbon Fiber and Derivatives

December 2011. Press Releases by Paksoy (view listing).

The Dow Chemical Company (NYSE: Dow), through its wholly-owned subsidiary Dow Europe GmbH, and Aksa Akrilik Kimya Sanayii A.Ş. (ISE: AKSA) signed a definitive agreement to form a joint venture to manufacture and commercialize carbon fiber and derivatives.

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Olam to acquire Turkish hazelnut manufacturer, Prodiga

November 2011. Press Releases by Paksoy (view listing).

On 21 November 2011, Singapore’s Olam International, a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, announced its proposed acquisition of a 100% stake in Turkish hazelnut manufacturer and supplier, Progida Group, for 66 million Turkish lira (approx. US$ 36.8 million).

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Groundbreaking Kuveyt Turk Sukuk Issuance

November 2011. Press Releases by Paksoy (view listing).

On 2 November 2011, Kuveyt Turk Participation Bank, the Turkish arm of Kuwait Finance House, issued a US$ 350 million five-year sukuk, the assets portfolio of which comprised of real estate ijara assets, non-real estate ijara assets and murabaha assets.

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Paksoy Attorneys at Law Advisers to MMK for acquisition of 50% stake in MMK Atakas joint venture

September 2011. Press Releases by Paksoy (view listing).

On 16 September 2011, Russian steelmaker Magnitogorsk Iron and Steel Works (“MMK”) announced it has closed the transaction for the acquisition of 50% minus one share of the Turkish steel manufacturing company, MMK Atakas Metalurji Sanayi Ticaret ve Liman Isletmecilgi A.S (“MMK Atakas”) from the Atakas family, thereby consolidating 100% control of MMK group’s Turkish project. The deal is reportedly valued at USD $485 million.

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SCA Acquisition of 95% stake in San Saglik

August 2011. Press Releases by Paksoy (view listing).

On 1 August 2011, Swedish Svenska Cellulosa Aktiebolaget (SCA), a global hygiene and paper company, announced the acquisition of a 95% stake in Turkish hygiene products company San Saglik, producer of incontinence care products, from the family-owned MT Group. The purchase consideration corresponds to SEK 95 million (approx. US$15.2 million) on a debt-free basis.

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Bio City Bond Issuance

July 2011. Press Releases by Paksoy (view listing).

On 6 June 2011, Bio City Development Company B.V. issued US$ 200 million 8% Secured Pre-QPO Guaranteed Bonds due 2018.  The bonds have been listed on the Singapore Stock Exchange. ISM Capital LLP acted as the sole bookrunner for the deal.

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SCA Acquisition of 50% stake in Komili

July 2011. Press Releases by Paksoy (view listing).

On 29 June 2011, Swedish SvenskaCellulosa Aktiebolaget (SCA), a global hygiene and paper company, announced the acquisition of a 50% stake in Turkish hygiene products company Komili from Yildiz Holding AS (Ulker group), for 77 million Turkish lira.

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SCA Acquisition of 50% stake in Komili

July 2011. Press Releases by Paksoy (view listing).

On 29 June 2011, Swedish SvenskaCellulosa Aktiebolaget (SCA), a global hygiene and paper company, announced the acquisition of a 50% stake in Turkish hygiene products company Komili from Yildiz Holding AS (Ulker group), for 77 million Turkish lira.

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Fida Film Acqusition of Tiglon

July 2011. Press Releases by Paksoy (view listing).

On 29 April 2011, Turkey's leading screen advertising company, Fida Film, acquired Tiglon, one of the most prestigious home video and distribution companies in Turkey affiliated with global international studios.

 

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Advisers to MetLife in relation to 162 million euro acquisition of Deniz Emeklilik

June 2011. Press Releases by Paksoy (view listing).

On 27 June 2011, leading U.S. life insurer MetLife agreed to acquire a 99.86% controlling stake in Deniz Emeklilik, the Turkish pension and life insurance unit of Franco-Belgian banking group Dexia, held through its local subsidiary DenizBank A.S., for approximately 162 million euros.

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Diageo Acquisition of Mey Icki from TPG

February 2011. Press Releases by Paksoy (view listing).

On 21 February 2011, Diageo plc signed an agreement with Texas Pacific Group and Actera for purchase of 100% of Mey Icki, a leading Turkish alcoholic beverage company. The transaction is subject to the usual conditions including Competition Board approval.

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Paksoy is pleased to announce that M. Togan Turan acted as external counsel in this matter

February 2011. Press Releases by Paksoy (view listing).

On 18 February 2011, Ageas and Sabanci Holding signed a share purchase agreement and a shareholders' agreement relating to Aksigorta, a major non-life insurance company in Turkey.

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Bizim Toptan Satis Magazalari AS has gone public

February 2011. Press Releases by Paksoy (view listing).

Bizim Toptan Satis Magazalari AS, a Turkish wholesale food supplier company, has gone public on 28 January 2011, with its major shareholders Yildiz Holding AS and Golden Horn Investments B.V. selling portion of their shares in the company. 

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First direct bond issuance of a Turkish bank under the new tax rates for coupon payments

February 2011. Press Releases by Paksoy (view listing).

Turkiye Is Bankasi, one of the largest private banks in Turkey by assets, loans and deposits, placed $500m RegS/144A bonds on 24 January 2011 with a 5.100% coupon, maturing in 2016. JP Morgan, Royal Bank of Scotland, Standard Bank, Standard Chartered Bank were the joint lead managers for the deal.

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Balaban and Dogan Acquisition by Nestle

January 2011. Press Releases by Paksoy (view listing).

On 23 December 2010, Nestle Turkey and the shareholders of both Dogan and Balaban, which produces the "toto" surprise toy chocolate product, signed an agreement on the sale and purchase of 51% shares of Dogan and Balaban.

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Nortel Networks (Netas) Acquisition by OEP

January 2011. Press Releases by Paksoy (view listing).

On 22 December 2010, One Equity Partners ("OEP") and Rhea Investments acquired 53.13% of the total share capital of Nortel Networks Netaş Telekomunikasyon A.Ş. ("Netas"), a listed company on the Istanbul Stock Exchange in Turkey, for a consideration of US$ 68,039,777 from Nortel Networks International Finance and Holding B.V. (in administration) ("NNIF").

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GE Capital Sale of Garanti Stake to BBVA

November 2010. Press Releases by Paksoy (view listing).

On 2 November GE Capital, the financial services division of GE, announced it has signed an agreement to sell an 18.6% stake in Turkiye Garanti Bankasi A.S, Turkey's second largest Turkish bank, to Spanish banking group, Grupo Banco Bilbao Vizcaya Argentaria (‘BBVA').

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Ms. Elvan Aziz (partner) acted for the buyers in this transaction

September 2010. Press Releases by Paksoy (view listing).

On 21 September 2010 Cimtas Celik Imalat Montaj ve Tesisat A.S. together with its parent company Enka Insaat ve Sanayi A.S. acquired 100% of Soli Gemi İnsa Sanayi ve Ticaret A.S. which is located in the Kocaeli (Izmit) free trade zone and is one of the biggest shipyards in Turkey.

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Advisors to Akbank

September 2010. Press Releases by Paksoy (view listing).

Paksoy is pleased to announce their role as advisors to Akbank in relation to the extension of a 66 million euro project finance loan to Maya Group for the construction and development of a shopping mall project in Ankara.   

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Paksoy advisors to GE Energy on their successful investment in Artesis

September 2010. Press Releases by Paksoy (view listing).

Paksoy is pleased to announce they acted as advisors to GE Energy on their successful investment in Artesis, a predictive maintenance technology company focused on increasing productivity and reducing maintenance costs.   

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Paksoy acted for joint lead managers for bond offering of Akbank, Turkey's largest lender

July 2010. Press Releases by Paksoy (view listing).

Akbank, Turkey's largest lender by market value, borrowed $1 billion in a five-year RegS/144A bond issue.  Bank of America Merrill Lynch, Citibank, JPMorgan and Standard Chartered were the joint lead managers for the issue.

Read more…

Legal Developments by:
Paksoy

  • SQUEEZE-OUT RIGHT IN PUBLIC COMPANIES -- TURKEY

    Squeeze-out and sell-out rights in Turkish public companies are regulated by the Communiqué on Squeeze-Out and Sell-Out Rights (the " Communiqué ") published in the Official Gazette dated 2 January 2014 effective as of 1 July 2014. The Communiqué was issued by the Capital Markets Board of Turkey (the " CMB ") in accordance with the Capital Markets Law and regulates the right to squeeze-out minority shareholders by the controlling shareholder and the minority shareholders' rights to exit the public company by selling their shares to the majority shareholder.
    - Paksoy

Legal Developments in Turkey

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Amendments Introduced through Law No. 7101 on Arbitration Proceedings

    State courts have very important functions concerning arbitration proceedings. These functions may aim to provide assistance to arbitration proceedings, such as collection of evidence through state courts, which would support the functions of the tribunal, or functions aimed at supervision of arbitration proceedings, such as set-aside actions. The legal provisions regulating these functions play an important role in the determination of whether a particular state has an arbitration-friendly legislation.
  • Restrictions on Use of Foreign Currencies in Certain Agreements between Turkish Residents

    The Presidential Decree dated September 12, 2018, on the Amendment of Decree No. 32 on the Protection of the Value of the Turkish Lira (" New Decree "), introduced significant restrictions on the use of foreign currencies in certain agreements between Turkish residents. Below, we explain the scope of the New Decree and discuss possible issues and problems that may arise in relation to the implementation of the New Decree. We also assess the potential effects of the Communiqué (2018/32-51) on the Amendment of the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Lira (2008/32-34) (" Communiqué "), which was published in the Official Gazette on October 6, 2018, and lists the exceptions to the restrictions imposed by the New Decree.
  • Amendment of ICSID Rules and Regulations

    At the 2016 Annual Meeting of the Administrative Council, the International Centre for Settlement of Investment Disputes ("ICSID") launched an amendment process on its' rules and regulations ("ICSID Rules and Regulations"). This has been the fourth amendment process since 1984, 2003 and 2006. As per Article 6 of the ICSID Convention, the amendments will only be effective upon the approval of two-thirds of the contracting states2. Hence, ICSID invited contracting states and the public3 to provide their amendment suggestions on topics worthy of consideration, which will be used as background papers throughout the process.
  • Trust Liability in terms of Groups of Companies

    Article 209 of Turkish Commercial Code No. 6102 ("TCC") has set forth obligations that are subject to damage caused by the trust and reputation of the parent company, as created with society and the consumer. Accordingly, "in the event that the reputation of the parent company and the group of companies reaches a certain level which provides trust to society or the consumer, the parent company is liable for the trust created by utilization of this reputation".
  • Possibilities and the Results of Trademark Confusion

    Trademarks are the vehicles that are used to differentiate companies one from the other. They help to capture the consumers' attention. It is essential and necessary to protect trademarks that are created and improved with capital and effort, from unrightful use by third parties, and to prevent the encroachment of trademarks through confusion. One of the most efficient functions of intellectual property law is to encumber imitations, and to halt improper benefit by using the popularity of the trademarks to their consumers. On the other hand, in our daily lives, we often see trademarks that are similar, and may wonder how they co-exist at the same time. In this article, we will shed light on the reasons why similar trademarks can be registered, the criteria that cause trademark confusion, and the remedies to prevent and/or remove these infringements.
  • Capital Markets Board Issues an Official Announcement on Initial Coin Offerings and Crowdfunding

    The Capital Markets Board (" CMB ") issued an announcement on September 27, 2018, on its website and addressed the much-disputed status of digital tokens and Initial Coin Offerings (" ICO "). In this announcement, the Capital Markets Board stated that it does not regulate or supervise ICOs, and also noted that it does not regulate or supervise most practices in which blockchain technologies are being used, such as cryptocurrency offerings and token offerings.
  • Recent Measures to Support Financial Stability in Turkey

    The Banking Regulation and Supervision Authority (the “BRSA ”) and the Central Bank of the Republic of Turkey (the “Central Bank ”) introduced certain legislative changes, to support financial stability and sustain the effective functioning of markets, following the plunge in the value of Turkish Lira.>
  • Non-liability of the Shareholders and Piercing the Corporate Veil

    1.      Introduction
  • Non-liability of the Shareholders and Piercing the Corporate Veil

    1.      Introduction
  • Quarterly Update on Trade Defense Cases in Turkey, June 2018

    In Turkey, the authority to initiate dumping or subsidy examinations, upon complaint or, where necessary, ex officio , is given to the Ministry of Economy ("Ministry"). Within the scope of this authority, the Ministry announces its decisions with the communiqués published on the Official Gazette.