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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
Search News and Articles
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 Law on Protection of Personal Data ("Data Protection Law"), which is mainly based on Directive 95/46/EC, is approved by the Turkish Grand National Assembly ("TGNA") on March 24, 2016. Data Protection Law will now be sent to the President for approval and publication. The President will have fifteen (15) days to publish the law approved by the TGNA, unless he has any objections that compel him to return the law to TGNA for reevaluation.
The laws and regulations governing the insurance and reinsurance practices in Turkey are quite complex, since the principles and provisions governing the insurance and reinsurance practices are set forth at different laws, regulations and communique, including Turkish Commercial Code No.6102 dated January 13, 2011 ( hereinafter referred as Law No.6102 ), Insurance Law No.5684 dated June 3, 2007 ( hereinafter referred as Law No. 5684 ), Regulation Regarding Consideration of Capital Adequacy of Insurance, Reinsurance and Pension Companies published at Legislative Journal dated January 19, 2008 and No. 26761 ( hereinafter referred as Regulation Regarding Capital Adequacy 2008 ) and the Regulation Regarding Consideration of Capital Adequacy of Insurance, Reinsurance and Pension Companies published at Legislative Journal dated August 23, 2015 and No. 29454 ( hereinafter referred as Regulation Regarding Capital Adequacy 2015 ).
The main purpose of the Law on Electronic Commerce (“Law ”) effective as of May 1, 2015 is to define the liabilities of the service providers or intermediaries in terms of electronic commerce and for communicating with their customers.
Data Protection Update: The Law on Ratifying the Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data of the Council of Europe is published in the Official Gazette
Long lasting rules of determining representation powers and bank mandates in corporations i.e joint stock companies (AS), for third party transactions are being re-shaped.
We are delighted to announce that Managing Intellectual Property (MIP) has ranked our trade mark practice in the top tier of its 2016 annual survey. MIP’s IP Stars rankings are based on extensive research among thousands of intellectual property practitioners from around the globe, creating one of the most comprehensive and authoritative surveys of the IP legal market. It covers 80 countries and identifies the best patent, trade mark and copyright firms and practitioners in the world.