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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
There has been a new amendment to the recent legislative proposal ("Proposal") on amendment to the Law No. 5651 on Regulation of Broadcasts via Internet and Prevention of Crimes Committed through Such Broadcasts ("Law No. 5651"), which is known as "Internet Law". The amended Proposal is submitted to the Turkish Grand National Assembly ("TGNA") on January 23, 2015.
Turkey has been becoming a “shopping mall heaven” ever since 1988 which is the time that the first shopping mall was built in Turkey. The sector is now more than twenty five years old and has had an effective acceleration up to now without any specific legislation. Both the increase of the malls and direct effect to the market from competition perspective required to regulate the sector and the draft law which includes both arrangements of the retail trade and the shopping malls have been started to handle by Industry Commission of the Grand National Assembly of Turkey.
Online sales numerous advantages have rendered them increasingly popular during the past years. The internet, due to its unique characteristics, provides companies with an enlarged geographic scope, thus enabling them to promote their products widely, avoiding, at the same time, the operational costs of a brick and mortar shop. From the customers' perspective, it enhances consumers' variety of choice and their ability to virtually compare prices from several stores.
With the execution of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and the increasing enforcement of the US Foreign Corrupt Practices Act ("FCPA"), multinational companies are more aware of the consequences of corrupt behavior than ever. Due to historically high fines imposed for corrupt behavior, compliance is of crucial concern for companies. This becomes an even bigger issue, when a company begins to conduct business in emerging markets. This is because, emerging markets may be more risky for anti-corruption risks due to the difference in anti-corruption laws and perceptions. Therefore, the adoption of a compliance program and engaging in rigorous third party due diligence as a part of this compliance program becomes mandatory for multinational companies active in emerging markets.
Turkey, as an emerging market, has its ups and downs to invest from time to time. These times depend on several different factors, but tracing them has crucial importance for investors. Focusing into Mergers & Acquisitions deals can be inspiring when taking decisions for investments.
Supervision of Industrial Organizations Manufacturing Military Equipment, Weapons, Ammunition and ExThe arms industry with over 600 modernization projects is booming in Turkey. The government policies in manufacturing and new offset regulations towards to domestic procurement ensure continuous transformation and development. The 2023 vision of the government is to be ranked in first ten countries in defense industry and to manufacture all ground vehicles, marine vessels and unmanned aerial vehicles domestically.
Outline of the Law on Defence Industrial Security and Classified Military Information in Turkish DefLaw No 5201, Defence Industrial Security Law, dated 29.06.2004 is the principle document regulates the Turkish defence industry and set forth the legal framework of all classified military agreement, information, documentation, project, purchase, sell, manufacturing, research and development, storage of material or services, facilities to conduct those activities related to defence industry excluding the staff of and the facilities belong to Turkish Armed Forces.
I. Introduction to Construction for Allotment Agreements A. Definition and Elements In practice, especially in Turkey, there are numerous types of construction agreements relying on various terms and principles by virtue of the " freedom of contract " principle governing law of obligations. Construction for allotment agreement is the most common one among agreements that diverges from traditional construction agreements.  On that note, a traditional construction agreement can be specified as an agreement, pursuant to which the contractor undertakes to construct a specific structure whereas the client undertakes to pay a certain amount in consideration thereto.
Transfer and Granting of Rights under Turkish Petroleum Law: Freedom of Contract versus Regulatory REspecially after the drop in oil prices the companies that are in early stage of their investments have begun to get position aiming to turn into an advantageous investment and started to look to what extent the regulations allow them to transfer and grant their rights under Turkish Petroleum Law. This may be deemed also as an exit strategy for some from operational perspective as it parallels with the tendency around the world and has direct relation with oil prices.