The Legal 500

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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. 

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.

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.

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").

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').

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.

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.   

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.   

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.