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Nortel Networks (Netas) Acquisition by OEP
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").
Paksoy is pleased to announce that partners M. Togan Turan and Omer Collak acted as external counsel in conjunction with Latham & Watkins in representing One Equity Partners in this matter. The Seller, NNIF, is represented by Herbert Smith (as international counsel) and Somay (as local counsel) on this transaction.
For more information please visit www.paksoy.av.tr
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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
The Data Protection Law came into force on April 7 2016. It applies to:
Ministry of Economy determines certain minimum thresholds for certain products in order to force the exporters to pay higher taxes on the products in customs. In this respect, the Ministry determines the minimum value threshold per each kilogram of the imported product and sets forth that any exports into Turkey that does not meet this minimum value threshold shall be required to obtain a surveillance certificate from the Ministry. This is mainly implemented for tax purposes and to protect the local producers in Turkey. Based on new precedent, it is now possible to reclaim such overpaid tax and expenses.
Although it is difficult to provide one global definition for the term "due diligence", we are going to use it below in the sense of an examination, through which a prospective buyer would obtain information about the target entity. The need for a due diligence usually arises in the context of a takeover, be that an asset deal or a share deal, or it may sometimes be simply utilized for internal purposes. Our discussion below is based on the context of a share deal.
The Data Protection Law, Turkey's first dedicated general data protection law, was published in the Official Gazette on April 7, 2016.
On April 5 th , 2016, the Department of Justice ("DOJ") announced the Foreign Corrupt Practices Act Enforcement Plan and Guidance ("Guidance") which aims to ensure greater accountability for Foreign Corrupt Practices Act ("FCPA") violations and provide greater transparency for companies with regard to mitigation.
On April 30 th , 2016, the Turkish Prime Ministry published on the Official Gazette, the Circular No. 2016/10 on Increasing Transparency and Strengthening the Fight against Corruption ("Circular").
Turkey's newly enacted Law on Protection of Personal Data ("Law") is based on EU Directive 95/46/EC ("Directive") on protection of individuals with regard to the processing of personal data and on the free movement of such data. Although the Law is mainly based on the Directive, it is not identical and it differs from the Directive in certain points.