Firms To Watch: Commercial, corporate and M&A

Abcoo Law Firm is experienced in advising both buyers and sellers on M&A transactions, with a particular focus in sectors such as real estate, gaming, retail, hospitality, technology, and cosmetics.
Acar & Ergönen Law Firm bolstered its M&A practice with the arrival of Aslı Tezcan in February 2021.
Aykan & Co Law Firm has recently advised on start-up investments for both investors and target companies.
CETINKAYA, which has a broad commercial and M&A practice, was established in early 2020.
Melike Akan Yüksel, former partner at Gökçe Attorney Partnership, established boutique firm, May Law Office, which advises clients on domestic and cross-border transactions and corporate matters, and has been particularly active, of late, assisting with closing investment rounds in relation to tech companies.
MGC Legal collaborates with Andersen in Turkey to offer cross-border services to clients, frequently handling due diligence and document reviews.
Boutique firm NAZALI Attorney Partnership advises a combination of domestic corporates and major international brands on corporate law, cross-border mergers and acquisitions, private equity transactions, and joint ventures. 
TAHAN – CEM ATTORNEY PARTNERSHIP was established in March 2021 by lawyers who are able to draw on their previous in-house experience as well as work in private practice.

Firms in the Spotlight Commercial, corporate and M&A

ADMD/Mavioglu & Alkan Law Office

ADMD/Mavioglu & Alkan Law Office logo

Commercial, corporate and M&A is the largest practice at ADMD. We offer a wide range services including negotiating, drafting commercial and trading contracts, structuring of distribution systems, regulations on manufacturing and sale of products. ADMD offers a unique protective approach. We analyse commercial or other considerations of parties involved in broad detail in order to …

View Profile...

Sengün & Partners Attorney Partnership

Sengün & Partners Attorney Partnership logo

Celebrating its 30th anniversary, Şengün & Partners provides agile solutions in the full range of commercial, corporate and M&A matters including IPOs, private equity, corporate compliance, risk management and takeovers via its offices in Istanbul, Izmir, London and Vienna. The firm has provided services for large media and entertainment companies, construction companies, food & beverage …

View Profile...



Kılınç Law & Consulting provides legal services across both domestic and international areas. M&A department is one of the more active departments our firm and due to the extent of the work we do in the field, the multinational aspect of our work and our overall expertise in other areas, such as energy law, project …

View Profile...

LBF Partners

LBF Partners logo

We are distinguished by our commercial and corporate law practice. Our commercial and corporate law team provides legal services to leading local and international firms on large and complex commercial transactions including but not limited to company formation, mergers and acquisitions, joint ventures, advising on commercial activities of corporations, corporate restructuring and drafting commercial contracts.

View Profile...

Commercial, corporate and M&A in Turkey

Akol Law

Akol Law‘s practice comprises a group of ‘exceptionally talented, commercially minded’ and practical lawyers, who are fronted by Meltem Akol, ‘one of the pioneers of the Turkish market’, who always ‘delivers high-quality advice’; and Tuğçe Tatari, who has a ‘deep knowledge of corporate and M&A law’ and ‘stands out with her exceptional commitment and remarkable people management skills’. The department handles acquisitions, minority investments, joint ventures, restructuring, and distressed M&A, and is becoming more focused on fintech, and e-commerce sectors. Senior associate Selin Tomay is another key member of the practice. Ömer Gökhan Özmen has moved to ÖzmenYalçin.

Practice head(s):

Meltem Akol; Tuğçe Tatari

Other key lawyers:

Selin Tomay


‘They are solution oriented and are very timely in their advice. We know that they have been involved in a considerable number of transactions in the recent years, we value that expertise.’

‘They had a sensible and pro-active approach to the deal, and they delivered an efficient work product. They grasp the commercial issues quickly and are a hard-working team.’

‘When compared to their peers, in terms of expertise and their pro-active approach to the deal and timing, they are one of the best in the market.’

‘Meltem Akol delivers the high-quality advice, assists with the strategic thinking and she is quite hands on. She is one of the pioneers of the Turkish market.’

‘Tugce Tatari is efficient, approachable, and available 24/7 and provides solution oriented and to the point legal advice. She understands client service and commercial approach to the matters. She can deal with difficult counterparts.’

‘I reached out to Akol Law after a recommendation from our global partner firm, and I must say that the entire experience with the team has been above and beyond my expectations. The team did not only provide the advise we asked for, instead they truly positioned themselves as our trusted advisor from day 1. They made a transaction that we internally deemed challenging much smoother than any of us could imagine. I also appreciate the way the team, and Tugce Tatari in particular, supported the decision makers from the business which boosted their confidence when tackling commercially challenging areas in the transaction.’

‘Tugce Tatari stands out with her exceptional commitment and remarkable people management skills.’

Key clients

Actera Group

Aygün Cerrahi


Doğan Holding

Elekta Solutions

AB Fit Bilgi İşlem Sistemleri

FM Engineering

Global Ports Holding

HFC Prestij

Human Care HC AB

Is Girisim



Kıraç Gayrimenkul


Legal Studio

Martin Braun

Mavenir Group

OBilet Bilişim Sistemleri A.Ş.

Olayan Group

Opengate Capital


Polhem Infra

Royal Reesink

Work highlights

  • Advised OH Oil Investments on its proposed capital subscription of approximately $125m in Trendyol as part of a $1.5bn fundraising.
  • Advised Global Yatırım Holding on the sale of Port of Akdeniz (Antalya) to Qatar’s commercial port operator QTerminals.
  • Advised Human Care HC AB, a portfolio company of AppliedValue Group, on its acquisition of 100% stake in Kenmak Hastane Malzemeleri ve Elektrostatik Boya San. Tic. A.Ş.

Balcioglu Selçuk Ardiyok Keki

Balcioglu Selçuk Ardiyok Keki's sizable practice excels in the full gamut of commercial, corporate and M&A matters, and is regularly sought out on major mandates. Department-head Galip Selçuk has a good track record advising on joint venture establishments, cross-border and domestic transactions, as well as private equity investments in a variety of sectors. Additional expertise is brought in by Selim Keki, who has a particular focus on German clients; Doğan Eymirlioğlu; and Selahattin Kaya, who was promoted to the partnership in March 2021, and has a good expertise handling local or international private equity and venture capital investments.

Practice head(s):

Galip Selçuk

Other key lawyers:

Selim Keki; Doğan Eymirlioğlu; Selahattin Kaya


‘Their reach-ability and the fact that they were patiently managing the individual requests of each separate selling party was truly awesome.’

Key clients

Eren Paper Ltd

Cyberwise Computer & Network Security

Ace Games

Bank Hapoalim B.M.

Yıldız Holding Anonim Şirketi

Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş.

Fujitsu Technology Solutions

Sabancı Holding

Gulf Capital

Demirören Holding

Multitek Elektronik Sanayi A.Ş.

Work highlights

  • Advised Eren Paper Ltd on its acquisition of UPM’s Shotton newsprint mill site in North Wales, UK.
  • Advised Yıldız Holding and Gözde Girişim regarding the sale of their 100% stake in Kümaş Manyezit Sanayi Anonim Şirketi.
  • Advised Sabancı Holding and PPF Group, acting through their subsidiaries, to each acquire 50% stakes in Temsa Ulasim Araclari Sanayi ve Ticaret Anonim Sirketi.

Esin Attorney Partnership, a Member Firm of Baker McKenzie Inter

Esin Attorney Partnership, a Member Firm of Baker McKenzie International, a Swiss Verein houses a renowned M&A team, which is ‘unique in terms of its legal services’, and is supported by its global network of offices. The department is frequently involved on landmark deals, which of late have been centred in the manufacturing and industrials, food and beverage, TMT and healthcare sectors. Eren Kurşun, who has notable cross-border capabilities advising national and international clients, heads the practice. Caner Elmas, ‘one of the best M&A partners I have worked with’ according to a client; Duygu Turgut, whose expertise spans over the healthcare, energy, infrastructure and retail sectors; and Ali Selim Demirel, are other names to note.

Practice head(s):

Eren Kurşun

Other key lawyers:

Duygu Turgut; Caner Elmas; Ali Selim Demirel


‘They are unique in terms of the legal services. This may sound generic, but I believe covers much such as quality of lawyers, approach to clients and always being super nice even in stressful moments. Potential clients should know that while having the best service, stress management is perfect.’

‘The most particular capability, comparing to other firms, is they own the subject and always try to deeply understand the business where they are requested to legally advise. That is very rare in most of the law firms. You feel part of the team as in house counsel during the work.’

‘Caner Elmas can be regarded as one of the best M&A partners I have worked with.’

‘They are not hesitant to be available at partner level, and still have the best competitive billing.’

‘Team is up-to-date on the technical ( legal) developments moreover also very knowledgeable on the market trends and new needs for their clients. Strong collaboration is their strongest area.’

‘Duygu Turgut: Strong experience on M&A. Her ideas and business view makes the difference and she makes you feel as a business partner more than a legal consultant. Very strong leadership especially on building the M&A strategy and the plan . Her communication style is very powerful.

Key clients

Peak Games

OYAK (Turkish Military Pension Fund)

Erdemir (Ereğli Demir Çelik Fabrikaları T.A.Ş.)

Mondi A.G.

Paragon Partners

NH Foods Ltd

Enerya Enerji A.Ş, STFA

Partners Group

BİM (BİM Birleşik Mağazalar A.Ş.)

Varian Medical Systems

Walgreens Boots Alliance Inc.

ICA IC İÇTAŞ ASTALDİ Üçüncü Boğaz Köprüsü ve Kuzey Marmara Otoyolu Yatırım ve İşletme A.Ş.

Hyundai Motor Company

Österreichische Post AG (ÖPAG)

Cargill Tarım ve Gıda San. Tic. A.Ş.

Index Ventures X (Jersey) LP


KION Group

Limak Holding A.Ş.

Kraft Heinz Company

Whirlpool EMEA S.p.A.

Kamco Invest

CFM Soğutma ve Otomasyon A.Ş.

Dikey Vitamin (Supplementler)

Work highlights

  • Advised Erdemir on the acquisition of Kümaş Manyezit Sanayi A.Ş., the largest mine operator of quality magnesite ore industry in the world, and the market leader of the refractory industry in Turkey.
  • Advised Oyak Gıda ve Tarım Holding, a subsidiary of OYAK, on its acquisition of assets related to the production of Tadelle, Sarelle, Gol, Sagra, Sagra Special and Gofy branded products from Sanset Gıda Turizm San. ve Tic. A.Ş.
  • Advised Mondi on the acquisition of a 90.38% stake in Olmuksan International Paper.

Hergüner Bilgen Özeke

Hergüner Bilgen Özeke houses a ‘very responsive team’, which garners recognition for always being ‘ready to jump in at short notice’. Seasoned corporate and M&A specialist, Ümit Hergüner, is one of the heads of the department, which is well versed in handling cross-border transactions. Other key names include Kayra Üçer; Mert Oğuzülgen, who has a focus in transactions in the e-commerce sector and matters concerning publicly held entities; energy expert Deniz Tuncel; and Zeynep Tor, who was promoted to partner in July 2021.

Practice head(s):

Ümit Hergüner; Kayra Üçer; Mert Oğuzülgen; Deniz Tuncel; Zeynep Tor


‘Very responsive and friendly team; ready to jump in at short notice; accurate and actionable advice.’

‘Versed in dealing with clients with different cultural backgrounds.’

Key clients

International Paper (Olmuksan)

Work highlights

  • Represented Telia Company AB and Telia Finland in the sale of its 47.09% stake in Turkcell Holding to the Turkey Wealth Fund.
  • Assisted International Paper in the sale of its subsidiary in Turkey.
  • Assisted in the transfer of Milangaz LPG’s assets and entire LPG business to Likitgaz in addition to the sale of 100% of the share capital of Likitgaz to the Armed Forces Pension Fund.

Kolcuoglu Demirkan Koçakli

Kolcuoglu Demirkan Koçakli houses ‘one of the best M&A practices in Turkey’, offering ‘high-quality legal assistance, excellent interpersonal skills and commitment to every single issue, no matter the complexity involved’. The department is a popular choice for private equity funds and major strategic and financial investors. Umut Kolcuoğlu, ‘the go-to person for M&A matters’, and Serhan Koçaklı, who has a focus on foreign direct investment clients, head the team. Bihter Bozbay Inan; Melis Öget Koç, who was promoted to partner in 2021; and senior associate Alp Erçetin are other names to note.

Practice head(s):

Umut Kolcuoğlu; Serhan Koçaklı

Other key lawyers:

Bihter Bozbay Inan; Melis Öget Koç; Alp Erçetin


‘I found KDK to be both excellent lawyers, very user friendly. They were very receptive to working to UK hours, all members of the team I dealt with spoke English perfectly and turned round documents and requests very quickly.’

‘Partner Umut Kolcuoğlu  is very street smart, knowledgeable and trustworthy. He is very good at negotiations and very connected.’

‘The attorneys we collaborate with are very professional/knowledgeable and their strengths are: Good communication skills-they draw conclusions, their responses are clear and very well written. The teams’ responses are very timely, make us feel we are their priority customer.’

‘The individuals are precise and attentive whenever our Company comes up with ideas to work on. They are always able to apply different point of views to resolve complex legal issues.’

‘Umut Kolcuoğlu stands out in the market as the go-to person for M&A matters. We have relied on his and his team’s skills for a few transactions, always ending up happy to have retained their services. They have good business knowledge and are our “advisors”, not just lawyers’.

‘The commercial, corporate and M&A practice at Kolcuoğlu Demirkan Koçaklı Attorneys at Law provides a full and high-quality legal assistance to international clients’.

‘The lawyers at Kolcuoğlu Demirkan Koçaklı Attorneys at Law efficiently advise international clients on their market entry and investments in Turkey. They offer high-quality legal assistance, excellent interpersonal skills and commitment to every single issue, no matter the complexity involved.’

‘Umut Kolcuoğlu is one the best lawyers in Turkey. He has very strong technical knowledge/expertise in M&A field. Combined with his strong legal competencies, he also has strong commercial understanding that enables him to provide creative and pragmatic advice in a wide range of situations.’

Key clients


Q Terminals

ORIX Corporation


Sesa Packaging

Doğan Holding and Doğan Music

Blutv Mediterra Capital

Vinmar NV

Brightstar Capital Partners

NN Group

Koç Holding




HDI Insurance

Logo Software

Vansan Machinery

True Value Capital Partners

Prime Overseas Holdings LLC (a subsidiary of Vinmar Group)


TPI Composites

Vava Cars

The Boston Consulting Group

Magneti Marelli

Tavuk Dünyası

Akemi LR

Health & Beauty Systems

Helen Doron


Hugo Boss


Wabtec Corporation


W.A.G. Issuing Services, a.s.


Hedef Filo

Glasshouse IT Systems

Enabler Music

Aquaman B.V. / (Turkven

Work highlights

  • Advised QTerminals on its acquisition of a 99.99% stake in Port Akdeniz, a subsidiary of Global Holding.
  • Advised Blutv in connection with the investment made by Communications Europe Limited (Discovery) in Blutv by way of share subscription.
  • Advised Aquaman B.V., on its exit from Vansan, a leading Turkish pump manufacturer, in a multi-bidder process.


Paksoy houses a solid and ‘very well respected’ six-partner M&A practice, which is regularly involved in major transactions and garners praise for its ‘ability to work across borders easily’. The team, which handles deals focused on foreign investment in Turkish targets, as well as acting on the domestic side of global transactions, is jointly headed by transactional specialist Elvan Aziz; Togan Turan, who also heads the antitrust and competition practice; and IP and technology expert Stéphanie Beghe Sonmez. Additional expertise is provided by Nazlı Bezirci, who was promoted to partner in 2021.

Practice head(s):

Elvan Aziz; Stéphanie Beghe Sönmez

Other key lawyers:

Nazlı Bezirci


‘The team works very well together, and liaises with cross-departmental teams very well (e.g. tax, regulatory). It strikes a very good balance between partners and associates (senior and junior) – you always feel the right level is addressing your particular query (e.g. partner driven for contract negotiation and associate led for regulatory filings). It is a very well respected Corporate team in Turkey in terms of negotiations with counterparties.’

‘Nazli Bezirci: very responsive and capable lawyer. Gives sound and pragmatic advice and nothing is too much to ask. Nazli is very personable and maintains good relationships with counterparties/partners.

Stéphanie Beghe Sonmez: keeps calm and clear-minded when negotiations get very intense’.

‘Very good communication and ability to work across borders easily.’

‘Elvan Aziz & Nazli Bezirci – both very good at analysing technical issues and providing advice in the appropriate commercial context.’

Key clients



Ageas Insurance International



Kibar Holding



Orion Innovation Group

Qatar Investment Authority

Rovio Entertainment Corporation

Samba Financial Group

Siniora Food Industries

TEB (a BNP Paribas subsidiary)

Telus International

Vienna Insurance Group


Work highlights

  • Advised Ageas on the acquisition of a 40% stake in Aviva SA.
  • Advised Novartis on the sale of Sandoz Turkey’s manufacturing facility to Genveon.
  • Advised Vienna Insurance Group on the acquisition of Aegon entities in Turkey.

CIFTCI Attorney Partnership in association with Clifford Chance

CIFTCI Attorney Partnership in association with Clifford Chance is well versed in handling cross-border transactions, and has significant experience in the financial services, energy and natural resources, infrastructure, pharmaceuticals, consumer goods and retail industries. Managing partner Itır Sevim-Çiftçi heads the practice, closely supported by counsel, and energy specialist Deniz Göcük, and senior associate Umut Özdoğan. Recent work highlights include advising private equity house Actera Group on the acquisition of minority shares in ISS Turkey.

Practice head(s):

Itır Çiftçi

Other key lawyers:

Deniz Göcük; Umut Özdoğan

Key clients

EDF Renouvelables

SAPSP Investments

Pfizer Turkey

CVC Capital Partners Ltd.

Actera Group

China Merchants Expressway Network & Technology Holdings Co. Ltd, China Merchants Union (BVI) Limited, Jiangsu Expressway Company Limited, Zhejiang Expressway Co. Ltd., Anhui Expressway Company Limited and Sichuan Expressway Co.

Türkiye Wealth Fund

European Bank of Reconstruction and Development (EBRD)

Qatar National Bank Q.P.S.C.

Saxo Bank A/S

Cengiz Holding/EtiBakır

Work highlights

  • Advised PSP Investments and EDF Renewables in relation to the sale of their shares in Polat Energy.
  • Advised Türkiye Wealth Fund in relation to the sale of a minority stake in Borsa Istanbul to Qatar Investment Authority.
  • Advised CVC Capital Partners in relation to the acquisition of certain assets of D Marinas B.V from Dogus Holding A.S.

Gen Temizer Ozer

Gen Temizer Ozer garners praise for its ‘timely and flawless service’, as well as for its ‘outstanding sector knowledge and legal know-how’. The firm, which is a fully integrated part of Kinstellar, has notable cross-border capabilities, and maintains a good activity in the tech space. The team is jointly headed by Baran Gen, and Edmund Emre Özer, an ‘excellent lawyer with great communication skills’, who is particularly valued for his ability to handle ‘international investment matters’.

Practice head(s):

Edmund Emre Özer; Baran Gen


‘Baran Gen is a top tier M&A lawyer. She has a vast experience in all types of issues that may come up in M&A transactions. Her foresight is very strong about potential risks which gives a sense of trust and the deal process becomes very smooth. She differentiates herself from competitors with her vast experience which allows her to completely master the process. She definitely stands out as one of the most successful M&A lawyers in Turkey.’

‘Being flexible in terms of managing their work balance, and being punctual with our requests are perhaps the most important points for our engagement.’

‘GTO’s ability to connect us with the right persons in the network when needed is also a plus.’

‘Partners Emre Ozer and Baran Gen, among other team members, managed the company’s resources properly during our collaboration.’

‘The practice is a boutique one that tailors to the client’s needs. The team is always swift, responsive and well aware of the urgency of matters at hand.’

‘I had an opportunity to work with some of the associates and their performance was always excellent.’

‘Very attentive, always available, excellent at understanding the needs and vision of the client.’

‘Baran Gen – top of her profession in M&A with commercial approach and strong negotiation skills. Emre Ozer – excellent lawyer with great communication skills and able to handle complicated matters. Always go to him for our international investment matters.’

Key clients

Doğuş Holding


Mikro Biyosistemler A.Ş.

Hasan Aslanoba – Aslanoba Gıda

Çağdaş Telekomünikasyon

DSL Group


Dream Games


Princeville Global Partners

Diffusion Capital Partners

Work highlights

  • Represented Doğuş Holding in the sale of 30% of its shares in one of Istanbul’s most premium shopping malls, IstinyePark, to Qatar Holding LLC.
  • Represented Vivense and its CEO and founder Kemal Erol in relation to the $130m investment by Actera Group.
  • Represented Dream Games in relation to its Series B investment round led by Index Ventures and Makers Fund valuing the business at $1bn.

GKC Partners (in professional association with White & Case)

Praised for its ‘exceptional service and thorough legal advice’, the practice at GKC Partners (in professional association with White & Case) advises clients across industry sectors including gaming, financial services and real estate. The department is headed by Emre Özşar, who earns plaudits for being a ‘good communicator and negotiator’. Senior associate Can Tolga Tezel, who is ’responsive, solution-oriented and easy to work with’, and associate Aslı Gülüm provide additional support.

Practice head(s):

Emre Özşar

Other key lawyers:

Can Tolga Tezel; Aslı Gülüm; İrem Kürkçü; Gökçen Durgut


‘GSK team is very dynamic, combining experience with hard work and client-oriented approach. They also had a great understanding of the commercial perspective which was helpful during the negotiations.’

‘Emre Özşar was very hands-on; always pragmatic; very good communicator and negotiator. We were very happy with his services. Emre makes a difference by balancing confidence and respect for the other side which gives the client an upper hand in negotiations.’

‘The team at GKC became an integral part of the overall deal team. They were not only external advisors, but felt like a part of the team. They were always willing to go above and beyond. I would specifically mention Emre Ozsar, Tolga Tezel, Irem Kurkcu and Gokcen Durgut for their exceptional service and thorough legal advice.’

‘GKC team is a go-to for complex multijurisdictional IPO and M&A issues that require top-skill lawyers in multiple jurisdictions. In addition, their deep understanding of local and overseas laws with practical perspective on business matters is top-notch.’

‘I work closely with Emre Ozsar, who is able to clearly explain complex concepts in layman terms to business executives, is always approachable, and has strong technical skills that gives internal legal counsels the comfort and trust they seek.’

‘The GKC team has provided us with excellent service for over 3 years. They have a great understanding of Turkish laws and international deals, and have helped us balance cross-border issues with flexible approaches and innovative solutions.’

Key clients

Zynga Inc.

Qatar Investment Authority


Zurich Insurance Group

Goldman Sachs International


Aydıner İnşaat A.Ş.


Delivery Hero SE


Work highlights

  • Represented Zynga in the acquisition of Peak Oyun Yazılım ve Pazarlama for $1.8bn.
  • Advised Qatar Investment Authority on its acquisition of 10% shares of Turkey’s stock exchange Borsa Istanbul A.S. from Turkey Wealth Fund, the majority holder of Turkey’s stock exchange.
  • Advised Goldman Sachs International and EBRD on their acquisition of a minority stake in DgPays, a Turkish digital payments business, from the founder, Mustafa Serkan Ömerbeyoğlu.

Moroglu Arseven

Moroglu Arseven has a solid track record handling cross-border transactions, M&A and also corporate and commercial advisory mandates. With a focus on a diverse range of industries, the department's client roster includes local, foreign and multinational companies, ranging from small start-up ventures, through to blue-chip companies. The team is led by the experienced Seyfi Moroğlu; Benan Arseven; tax expert Ertunç Şirin; and Burcu Tuzcu Ersin, the ‘go-to person’ for corporate matters. A strong second line of senior associates includes Hazal Baydar and Nilüfer Hotan.

Practice head(s):

Seyfi Moroğlu; Benan Arseven; Ertunç Şirin; Burcu Tuzcu Ersin


Other key lawyers:

Hazal Baydar; Nilüfer Hotan


‘In depth knowledge about the regulations and current practices. Always at hand; available most of the time and able to provide help when needed. Dedicate a large team. Very positive attitude and solution focused.’

‘Good communication and ability to see the “business” perspective and how the business objective is the driving force.’

‘Hazal Baydar has been excellent for us. Excellent communication and strong customer focus. She drove matters and kept momentum high.

Seyfi Moroglu has provided strong counsel and great support on areas of law that were unfamiliar.

‘We chose Moroğlu Arseven due to the one-stop-shop experience they offer. We received support in all respective practices, including corporate, commercial, compliance, tax, competition, IT and Telco law. The entire team is very responsive, hands on and detail oriented.’

‘Burcu Tuzcu Ersin and Ertunç Şirin are our key contacts at the firm. Given her broad knowledge of the IT and Telco law environment plus extensive experience in mergers and acquisitions within the industry, Burcu was our go-to person on the corporate side, while Ertunç, with his deep tax and fiscal knowledge, led the transaction’s tax side. Both partners have strong negotiation skills, in addition to understanding the industry dynamics and our business goals. They provided cost-effective solutions based on this knowledge.’

‘Senior associate Hazal Baydar, also deserves to be recognized for her work. Based on our experience in the transaction, I can say that she is a very dedicated and practical lawyer. She has nearly 10 years of experience in corporate, M&A related matters, and already proved herself as a bright talent.’

‘Especially Burcu Tuzcu Ersin, with whom we have had several project experience, creates a great working environment for her team and for other firms that are involved in the project. She leads effectively and punctually and keeps all parties /stakeholders involved whenever necessary. We know that if she is the one leading the project, our follow up efforts will be minimal. She is a gem!

Çakmak Attorney Partnership

Operating from its offices in Ankara and Istanbul, Çakmak Attorney Partnership handles cross-border M&A transactions, and is particularly renowned among clients from the energy and infrastructure sectors. The department, which also advises on company formations, corporate governance issues, and capital structuring, is jointly headed by Zeynep Çakmak; Naz Bandik Hatipoglu, who combines a solid transactional track record with her experience advising on infrastructure work. Counsel Gülşen Engin is also noted.

Practice head(s):

Zeynep Çakmak; Naz Bandik Hatipoğlu

Other key lawyers:

Gülşen Engin


‘Good quality work in proper time, professional manner, kindness.’

‘When it compares to other law firms, Cakmak team is very professional and solution oriented.’

‘The team are quick to respond to queries when we have them. Gulsen Engin has been very responsive and quick to respond.’

‘Very reputable firm which adds weight to opinions submitted to internal and external parties. Staff are responsive and quick to fulfil their commitments. Significant depth in the team.’

‘Timely, accurate and actionable responses.’

‘Fast, accurate and cooperative.’

‘Well-informed and provides you alternative solutions regarding the clients problems.’

Key clients


Bluecap Resources.

Boeing International Corporation

Centerra Gold

Çelikler İnşaat


Entek Elektrik

Gazprom Germenia GmbH

Plaskolite LLC


Uni-Mar Enerji Yatırımları

Visa Europe

Voodoo SAS

Western Union

Work highlights

  • Advised ENGIE on its divestment and sale of three businesses in Turkey, one gas distribution business, one natural gas combined cycle plant and one services.
  • Advised Voodoo SAS on its acquisition of 100% of the shares of Fabrika Games, a Turkish tech start-up company.
  • Advised Entek Enerji, a subsidiary of Koç Holding, on its acquisition of 100% of the shares of two legal entities from STEAG GmbH.

Bezen & Partners

Bezen & Partners advises domestic and international clients on a range of corporate matters including assisting them with their entry into the market, M&A transactions, joint ventures and strategic investments. Murat Soylu, who specialises in corporate, capital markets and finance transactions, and Serdar Bezen, head the department.

Practice head(s):

Serdar Bezen; Murat Soylu

Key clients

Rosatom State Nuclear Energy Corporation

MB UAE Investments LLC

Pangaea One Acquisition Holding XV, LLC

Public Power Corporation S.A.

PNE AG / PNE Wind Yenilenebilir Enerjiler Ltd. Şti

Suez Groupe

Rönesans Holding A.Ş.

Meridiam Infrastructure Sarl

Akfen Holding

Hitachi Zosen Inova AG

European Bank for Reconstruction and Development


CZ Holding A.Ş.

Solarpower Enerji A.Ş.

Forest View Private Ltd.

Work highlights

  • Advising Rosatom on the development and construction of the Akkuyu nuclear power plant in Akkuyu, Mersin, Turkey.
  • Advising Hitachi Zosen Inova AG on its corporate structuring matters with its JV partner, Makyol Insaat.
  • Advising Trina Solar Limited on the restructuring of its receivables from a Turkish solar panel producer, anti-dumping and debt set off matters and corporate and financial payment mechanics.

Cigdemtekin Cakirca Aranci Law Firm

Cigdemtekin Cakirca Aranci Law Firm's team has ‘significant knowledge of commercial and corporate matters’. The team headed by Gamze Çiğdemtekin Özer has good cross-border capabilities, and covers a wide range of sectors including retail, energy and natural resources, technology, and e-commerce. Tuna Çakırca, associate Başak Güneş and Ayca Aranci are other names to note.

Practice head(s):

Gamze Çiğdemtekin Özer

Other key lawyers:

Başak Güneş; Ayça Arancı; Tuna Çakırca


‘Trusted long term business partner’

‘Always available, on-time, trustable and professional’

‘The team has a very significant knowledge of commercial and corporate matters and provide very satisfying legal opinions for our requirements. The most important point we’d like to mention that we can always have a direct connection with the lawyers and get their well contended legal opinions in a short time.’

‘We find CCA as one of the leading law firms in Turkey and probably the strongest law firm with an office in Ankara. We are extremely satisfied with their energy, corporate, commercial, regulatory and transactional service and we haven’t noticed any legal support which we couldn’t get effectively.’

‘Besides their very well knowledge of the law, they have a very deep knowledge of the commercial and corporate matters. Therefore, they have the ability to advise us by considering our internal process, commercial relationships with the other parties.’

‘Ayça Arancı is efficient and effective in handling all our dealings in relation to corporate and contractual matters and projects by considering the regulatory matters. It’s an absolute pleasure to work with her as she is in sync with a business objective and able to turn legal challenges into business opportunities.’

‘We also work with Başak Güneş who is very professional and her knowledge of law and commercial-corporate matters is very well. All members of the team are very friendly, responsive and a pleasure to work with. They are highly qualified to undertake all our legal matters in a friendly and professional manner. In my experience, they welcome all legal challenges and more often turn these into opportunities.’

Key clients

Aabar Investments PSJ

Age Enerji Group

Andar Elektromekanik Sistemler Sanayi Ve Ticaret Limited Şirketi

Ankara Development Agency

Banvit Bandırma Vitaminli Yem Sanayi A.Ş.

Barko-Med Elektronik Ticaret A.Ş.

BAMA Teknoloji Tıbbi Cİhazlar Danışmanlık Sağlık Bilişim San. ve Tic. Ltd. Şti.

Brensan Enerji Savunma San ve Tic. A.Ş.

CEECAT Capital Limited

Cevher Jant A.Ş.

Danish Refugee Council

eBay Turkey (Gitti Gdiyor Bilgi Teknolojileri San. ve Tic. A.Ş. – eBay’s Turkish subsidiary)

Edenred Turkey

Egeres Enerji Dan. Müh. Hiz. A.Ş.

Egeres Investment Pte. Ltd. (located in Singapore)


EnglishCentral Eğitim Teknolojileri Limited Şirketi (“English Central”)


Franklin Templeton Investments

Further Network

Görener Family

Gözde Girişim Sermayesi A.Ş., a subsidiary of Turkish conglomerate Yıldız Holding A.Ş.

IBG – Izmir Biomedicine and Genome Centre

Just Food Ltd. Şti.

KAREL Elektronik Sanayi ve Ticaret A.Ş.

Kochendörfer Hydro Elektromekanik Sanayi Ve Ticaret A.Ş.

Koçman Family

Matthias Ingo Giersemehl -Heinle Kochendörfer Wasserkraftanlagen Turbinen Maschinenbau, Turkey

Mikro Tasarım Elekt San ve Tic A.Ş.


ODTÜ Geliştirme Vakfı Okulları A.Ş.

ODTÜ MEMS Researcher Centre

ODTÜ Teknokent Yönetim A.Ş. (Middle East Technical University Technopolis)

Packupp Teknoloji Yazılım ve Lojistik San. A.Ş.

Panaroma Bilişim Teknolojileri

Pt Alpha Wind Energi

Solar Group

Sona A.Ş. (affiliate of Egeres)

Sebit Eğitim ve Bilgi Teknolojileri Anonim Şirketi

Sparse Technology Bilişim Yazılım Sanayi ve Ticaret A.Ş.

Strata Restorasyon Proje İnşaat Ltd. Şti.

TARLA- Turkish Accelerator and Radiation Laboratory in Ankara

Templeton Asset Management

TOBB ETÜ Teknoloji Transfer Ofisi

TRLINSTRUMENTS Proses ve Ekipman Teknolojileri Geliştirme Tasarım Üretim San. ve Tic. Ltd. Şti.

Turkcell Enerji Çözümleri ve Elektrik Satış Tic. A.Ş.

Onlayer Bilişim Teknolojileri A.Ş.

Verifone Elektronik ve Danışmanlık Ltd. Şti. (Verifone Turkey)

Wood & Company

Work highlights

  • Advised CEECAT Capital on its sale of shares in STFA Holding, the Turkish conglomerate, for $31m to the shareholders of STFA upon exercise of its put option.
  • Advised Egesim on its acquisition of Gümüşköy geothermal power plant with its JV partner Albioma for €20m.
  • Represent E-Bay Turkey and provide legal advice on a regular basis in connection with its commercial agreements and products, as well as new products and service lines.

Goksu Safi Isik Attorney Partnership

Goksu Safi Isik Attorney Partnership's team is headed by Hasan Akıcıoglu, Mutlu Yurdakul, Emre Ulcaylı, and Ecem Evin Baytun. The group advises on transactions, commercial and corporate matters, and is involved in major projects in Turkey such as the Istanbul Grand Airport, where it handles day-to-day corporate matters.

Practice head(s):

Hasan Akıcıoglu; Mutlu Yurdakul; Emre Ulcaylı; Ecem Evin Baytun


‘They are the best in town in commercial, corporate and M&A. They are always quick and solution oriented. They have one of a kind and very sophisticated contract management systems. As CEO, their systems which is also integrated with artificial intelligence makes my life easier since I can easily track the work being done by them. When compared to the other firms, they are beyond the expectations.’

‘Managing partner of the firm, Hasan Akıcıoglu is a very collaborative lawyer.’

‘Professionalism, innovation and use of technology are the reasons why I work with GSI. Their legal IT infrastructure is fantastic. I can track every single activity that they do for me on my mobile and I can see the log records and times that they bill me for.’

Key clients

IGA, Istanbul Grand Airport

IGA, Construction

Barzan Holdings

IC Holding

Abduljaweed Group

SASA Polyester


Tarım Kredi Holding

Kalyon Solar Technologies


North Marmara Motorway


ULUDAG Elektrik














GEZER Slippers

SHM Global

Bony Socks

Work highlights

  • Advised IGA solely on all its corporate matters including the refinancing contracts for 75% of $7.5bn.
  • Advised Sasa Polyester on issuing and exporting a convertible bond abroad.
  • Advised BMC on its acquisition of 50% of the shares of BMC.


Gökçe fields a team of ‘excellent corporate and M&A lawyers with top-notch legal knowledge’. Deniz Okuyucu, Ali Paslı, and Görkem Gökçe, who is lauded for his ‘business mindset’, jointly head the team, which has a focus on digital business, and a solid expertise in IT, internet and technology-related transactions. Managing associate Çağdaş Umut Vardar left the firm in February 2022.

Practice head(s):

Görkem Gökçe; Ali Paslı; Deniz Okuyucu


‘Gorkem Gokce is a very smart lawyer who seems to know what international clients want and he obviously knows of the competition’s quality of service that is out there in Turkey. He seems to have implemented strategies accordingly. What stands out is that they spare no time to comment on our enquiries in detail.’

‘Collaboration, technical knowledge and sector experience’

‘As an investor and entrepreneur, what we need is a team that can adjust themselves to innovations and act accordingly. And with its dynamic and dedicated team, this is what Gökçe is all about. They have a team of excellent corporate and M&A lawyers with top-notch legal knowledge. They have the strength to provide clever solutions to every complex issue by understanding our needs and desires. Further, they provide what we aim for in a very short period of time.

Görkem Gökçe, the managing partner, is extremely responsible and efficient to work with. You can see him working in every field and treating every matter with a business mindset.’

‘Ali Paslı, a talented young professor and an extraordinary expert in corporate and commercial law, comprehends complex issues and finds solutions in a practical way.’

‘Deniz Okuyucu has a great talent for drafting and reviewing agreements in a very short time and provides answers right to the point in a very clear way. She focuses on the real problem so that we don’t lose ourselves in detail. She is also task-oriented and always reachable.’

‘The team’s most important strength is their collaboration and quick response to customer’s needs and request. Their overall attitude is self-confident, kind to the customer, helpful, punctual and always reachable either via e-mail or phone at any time.’

‘Gokce’s contribution satisfied and still satisfies all my expectations in this respect. In addition, I can reach them 24/7 and I do not feel any hesitation in my urgent work in means of obtaining a prompt support from them.’

Key clients



HUYA (Nimo TV)

Farasis Energy (Ganzhou)

Inveo Investment Holding












Gram Games



Startup Borsa

Work highlights

  • Advised Systra on the acquisition of SWS Engineering, an engineering company specialised in engineering, project management and risk management services for mega infrastructural projects.
  • Advised Inveo Investment Holding and its subsidiary, Gedik Investment, on rounds of seed investments in various start-ups and early-stage technology companies such as Finfree, Finar and HOP! Scooter.
  • Advised Figopara on a series of rounds of investment by international development banks and venture capital funds amounting to ca. $5m in total.

Gün + Partners

The ‘practical, responsive and professional’ team at Gün + Partners has a particular strength in regulated sectors, particularly life sciences, TMT, insurance and energy. Senior associates Cansu Akbıyıklı and Görkem Bilgin, a ‘consummate professional’ who clients rely on ‘without hesitation’, are the names to note. Pelin Baysal left the firm in 2021. Since publication, Filiz Toprak Esin left the firm.

Other key lawyers:

Görkem Bilgin; Cansu Akbıyıklı


‘Görkem Bilgin and his team provided practical, responsive and professional support.’

‘The team at Gün Partners is great to work with and allows our client’s Turkish subsidiary to have the confidence that its business compliance activities in Turkey are being handled professionally and in a timely manner.’

‘My main point of contact at Gün Partners is Görkem Bilgin. Görkem is a consummate professional who has made everything very easy and smooth for me and our client over the last several years. I can rely on his counsel without hesitation.’

Work highlights

  • Advised a global chemicals company, on its acquisition of the whole share capital of the Turkish entity of another global chemicals company.

Moral | Kinikoglu | Pamukkale | Kökenek Attorney Partnership

The team at Moral | Kınıkoğlu | Pamukkale |Kökenek Attorney Partnership, which is jointly headed by Serkan Pamukkale and Reşat Moral is a popular choice for private equity companies and strategic investors. Serra Haviyo, who was promoted to partner in January 2022, brings additional expertise to the practice, which regularly acts on both the buy and sell side of transactions.

Practice head(s):

Reşat Moral; Serkan Pamukkale

Other key lawyers:

Serra Haviyo


‘Resat Moral is the rising star in the M&A practice in Turkey. He is available 24/7.’

‘All members of MORAL & PARTNERS team are creative, enthusiastic, customer-oriented lawyers with good technical knowledge and excellent communication skills. Their advice is always clear, concise and provided with a quick turnaround. They invest in and use technology efficiently. Ideal firm for any M&A deal in Turkey.’

‘We mostly work with Resat Moral, Serkan Pamukkale and Serra Haviyo in commercial, and corporate matters and M&A practice. They all provide us with high quality legal services with very good technical knowledge and excellent communication skills.’

‘Moral team has an immerse experience and knowledge on the process with foreign parties. As each country’s regulations are different, it is very important to have a good understanding of local regulations in order to be able to explain it to stakeholders and guide the process. Moral’s team is well experienced and educated with high communication skills which leads to successful outcomes.’

‘My understanding is that the corporate Team of Moral & Partners is one of the top five corporate and M&A teams in Turkey. They always deliver high-quality advice. We collaborate with them in cross-border Corporate matters.’

‘Team leader is Resat Moral. I frequently work with him and his client skills are impeccable. He is quite experienced as a corporate lawyer and he is very solution oriented. He is a great relationship manager especially with the international corporate clients and Private Equities.’

‘Proximity, readiness, corporate culture. They can go around any problem that can arise in a deal. We had so many problems with the client and with their co-operation, we managed to finalize the deal successfully. A pleasure to work with them.’

‘Partners Resat Moral and Serkan Pamukkale are very unique in Energy Investments Regulation Side and also at Engineering, Procurement and Contractor- sub-contractor contracts preparing and contract management process’

Key clients

Eczacibaşi Tuketim Ürünleri


Eczacibaşi Group


Japan Tobacco International

Borusan Yatirim

Taxim Capital






Stoller Turkey

Syngenta Turkey


Vansan -Ebara

Columbia Turkey | Gozalan Group

Barçin Sports Wear

Proteksan (Turquoise Yacht)

Ortopro Medical Devices

ASMiRA Group

Work highlights

  • Buy side legal advisor to Dardanel on the purchase of leading Greek banks and financial institutions’ receivables from G. Kallimanis SA.
  • Buy side legal advisor to Taxim Capital on its investment in Moltek Sağlık Hizmetleri Üretim ve Pazarlama A.Ş.
  • Sell side legal advisor to minority (40%) and founding shareholder of Vansan Water Technologies in Vansan’s acquisition by Ebara Corporation.

Pelister Atayilmaz Enkur Law Office

The practice at Pelister Atayilmaz Enkur Law Office combines 'local knowledge and international experience’. It is renowned for its expertise handling corporate and M&A transactions linked to regulated industries, including insurance and pensions. Gökhan Enkür, who is particularly skilled in international transactions and Kerim Pelister are the main contacts.

Practice head(s):

Gokhan Enkur; Kerim Pelister


‘Kerim Pelister is highly recommended. He comes from an investment background and knows exactly what an investor wants. His negotiation skills are impressive.’

‘Emre Atayilmaz, wise advise when it comes to labour law.’

‘Kerim Pelister – a real “business minded” lawyer following the commercial negotiations closely and with a true ambition.’

‘Gokhan Enkur : very responsive and knowledgeable about the M&A process especially on international transactions.’

‘Partner Emre Atayilmaz is always reachable and will in most cases give a first, overall assessment promptly, when required. His memos are comprehensive and thorough, however always pointing out the key takeaways and practical (and local administrational) approach to structure or resolve the legal question underlying.’

‘Gokhan Enkur stands out as an excellent lawyer. He is always present when needed and creates solutions at critical stages.’

‘Their partners are highly attentive and business-oriented. The team is very dedicated. PAE’s wide network of international law firms allowed us to connect top-notch specialist in different jurisdictions.’

‘Local knowledge and international experience.’

Key clients

Cigna Corporation

Hoshizaki Group

AFP Group GMBH and Montana Tec



Koc Holding

Epsilon Composites



Teknasyon Yazilim

Work highlights

  • Advised Hoshizak on the scope of its share acquisition in Oztiryakiler Madeni Esya Sanayi ve Ticaret A.S.
  • Advised the individual shareholders of Epsilon Composites in the sale of a 51% stake in Epsilon Composites to Akkök Holding, ARD Holding, and NDÇ Holding.
  • Advised LudgatEmobility on its acquisition of a 23.47% stake in BD Otomotiv.


TURUNÇ handles domestic and cross-border transactions. The department, which is headed by Noyan Turunç, who focuses on commercial and corporate mandates, and Kerem Turunç, has a solid track record advising private equity and venture capital funds on their investment and divestment matters, with particular expertise in technology-driven ventures. Esin Çamlibel, who was promoted to partner in February 2021, focuses on M&A and joint venture mandates.

Practice head(s):

Noyan Turunç; Kerem Turunç

Other key lawyers:

Esin Çamlıbel


‘Well-versed in M&A transactions, both domestic and international, including all specialist aspects such as employment and IP. Easy to work with, always available and produce very high quality documents.’

‘World class service at all levels. Excellent project management. They are impressive negotiators while being very positive and solution oriented. In my opinion, this is thanks to the depth of legal knowledge combined with the unrivalled commercial mindedness they possess. Also, the team’s cohesiveness and good communication skills create a very smooth and efficient working environment.’

Their global connection and expertise is also an asset especially in the Turkish market. Most of the legal firms are experienced only in the local market while Turunç has significant knowledge on UK, US and European practices. That also helps a lot especially in M&A deals.’

‘We’re a fast-moving UK-headquartered technology company so we need to work with outside advisors who will move at our speed. Turunc fulfils and exceeds that expectation. They are probably one of the few firms who can provide spot-on commercial guidance and comprehensive legal advice that covers local and international regulations at the same time. Their services are world class.’

‘Kerem Turunc may be the best M&A negotiator I’ve worked with. He always knows the draft agreement from cover to cover and his memory is so strong that he normally doesn’t even need to look at the document to negotiate. He is a thought leader in the M&A world on an international scale thanks to his American background.

Noyan Turunc is a great strategist. We often talk to him about how to structure our potential investment and M&A projects. He always surprises us with an out-of-the-box idea that’s also realistic. Incredible business acumen like no other lawyer in Turkey.’

Noyan Turunç’s experience is hard to match in my opinion. He is a comforting figure in tough moments of decision making. His previous role as general counsel of Coca-Cola is incredibly helpful in harmonizing legal and commercial advice.’

Key clients

Vinci Venture Capital

Lycian Capital

Micro Focus

SC Johnson

Caffè Nero

Boğaziçi Ventures


Is Private Equity (ISGSY)

Camper Shoes


Android Industries

Taxim Capital


Riverwood Capital

Work highlights

  • Advised Hopin Ltd. on its acquisition of Boomset.
  • Advised Boğaziçi Ventures on its investment in Tarentum.
  • Advised Vinci Venture Capital on its investment into ShipsGo.

ASC Law Office

At ASC Law Office, the team has 'a good understanding of the client’s needs and business’. Okan Beygo and senior associate Sıla Öztürk are the key names in the practice, which regularly advises domestic conglomerates, global companies doing business in Turkey, construction, energy and technology companies, as well as government-related entities.

Practice head(s):

Okan Beygo

Other key lawyers:

Sıla Öztürk


‘ASC is an international, modern and service-minded law firm with a good understanding of the client’s needs and business.’

Key clients

Türkiye Varlık Fonu

T.C. Ziraat Bankası A.Ş.

Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş.

Türkiye’nin Otomobili Girişim Grubu San. ve Tic. A.Ş.

AG Anadolu Grubu Holding A.Ş.

QuantumDot Global, Inc.

Atalian Global Services

Bendis Holding A.Ş.

Canadian Solar Construction S.r.l.

Anadolu Isuzu Otomotiv San. ve Tic. A.Ş.

Work highlights

  • Represented the Sovereign Wealth Fund of Turkey, and Ziraat Bank, regarding the $2bn plus financing for the Türkcell Shareholding Restructuring.  
  • Advising the Turkish Automobile Joint Venture Group on its joint venture with US-based Farasis Energy.
  • Represented Anadolu Group in its sale of subsidiary Anadolu Restoran İşletmeleri Ltd. Şti. – aka “McDonalds Turkey” – for $33m.

Bener Law Office

Energy and infrastructure expert Onur Kordel, and Gözde Esen Sakar, who is well known for her expertise in the mining field in Turkey, head the corporate and M&A practice at Bener Law Office, which has a particular focus on the energy, real estate, and e-commerce sectors. Recent work highlights saw the team advising Alfa Kimya Group on the sale of 100% of the shares to Vinmar Group.

Practice head(s):

Gözde Esen Sakar; Onur Kordel

Key clients

Shareholders of Alfa Kimya Group

AirFrance – KLM


Alliance Healthcare

Arpaş Pilotaj

Hager Electro



Rollic Games



Boden Law

Boden Law advises clients from various sectors with a particular focus on the energy, technology, natural resources and industries. Değer Boden, Sinem Mermer and İnanç Akalın are the pillars of the practice, which handles M&A and energy trade transactions, as well as investment rounds, joint ventures and disputes.

Practice head(s):

Değer Boden; Sinem Mermer; İnanç Akalın


They make a difference with their dedication to their work and superior intelligence’.

Key clients

Statkraft Enerji A.Ş. (Statkraft Turkey)

Sms Group Metalurji Servis Sanayi ve Ticaret Ltd. Şti.

RSB RG Pty. Ltd

Sanko Enerji Sanayi ve Ticaret A.Ş.

Axpo International SA and Axpo Turkey Enerji A.Ş.

Siemens Sanayi ve Ticaret A.Ş. (Siemens Turkey)

Duckt OÜ

Talesun Solar Enerji A.Ş. (Talesun Turkey)

Tosyalı Holding A.Ş.

Engie Enerji Ticaret ve Pazarlama A.Ş. (Engie Turkey)

Erih Enerji

Work highlights

  • Represented a leading Turkish energy company regarding the potential acquisition of 60 MWe wind power plants.
  • Represented a hardware technology company operating in the micromobility sector during both pre-seed and seed investment rounds against investors from Poland and Turkey and advised Duckt OÜ in shareholders’ agreement negotiations.
  • Represented a leading European energy company regarding its potential acquisition of 21,04 and 21,58 MWe hydroelectric power plants.

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law‘s practice is jointly led by competition specialist Gönenç Gürkaynak and Nazlı Nil Yukaruç, who focuses on transactional matters. The group covers the full range of M&A and is also sought after for corporate governance matters. It is able to draw on the wider firm’s expertise to handle regulatory matters and disputes. Clients are drawn from a wide variety of industries, particularly retail and manufacturing.

Practice head(s):

Gönenç Gürkaynak; Nazlı Nil Yukaruç


‘The people who work for this company always double down 200% – they are always focused on the result. Not just one company representative is involved in the issue, but the entire team – any one of them is willing to support the issue if anyone is missing – a strong team spirit is immediately noticeable.’

‘ELIG team is quite easy to work with both in project based and day-to-day legal work. They are always providing spot-on guidance and covering our back with their on time recommendations and reminders, when needed.’

‘Nazlı Nil Yukaruç is excellent in communicating complex corporate requirements and actioning items in an easily comprehensible manner.’

‘Nazli Yukaruc and her team were professional and well organized. Assuming great responsibilities to lead the legal matter all along, keep us informed and give us appropriate heads up of the process.’

‘They meet their deadlines. We receive timely responses. We receive end to end high quality services because they are solution oriented and they are focused on finalizing the tasks’

‘Experienced, driven mentality and polite personality.’

‘Strong across multiple disciplines. Consistently responsive and commercial in approach.’

‘Our project was assigned to Nazlı Nil Yukaruç. She was explaining every step to be taken towards completing the project, sharing the required documents in advance for review and comments. She was reachable by phone at anytime to explain ambiguous points or to provide a quick update.’

Key clients


Google Ireland and Google Reklamcılık

Ralph Lauren

Knauf Insulation

Warner Bros

CA Technologies (a Broadcom company)


Tetra Pak

TI Automotive



Harvard Business School

Bentley Systems


Work highlights

  • Advised Warner Bros during a share capital increase process.

Erdem & Erdem Law Office

Erdem & Erdem Law Office is ‘quick to respond and always very knowledgeable’. The practice, which is jointly headed by seasoned practitioner Ercüment Erdem and corporate expert Özgür Kocabaşoğlu, handles joint ventures, investments, and acquisitions, and is particularly experienced in infrastructure-based deals. Tuna Colgar is another name to note.

Practice head(s):

Ercüment Erdem; Özgür Kocabaşoğlu

Other key lawyers:

Tuna Çolgar


‘We have been able to rely on the attorneys at Erdem and Erdem to assist with our US clients’ needs in the international trade space. The firm’s attorneys are quick to respond and always very knowledgeable.’

‘During our experience, we have faced different complications and Erdem & Erdem was very flexible providing full support and services from different experts within their team.’

‘The team supported us 24/7. There were times when we needed a quick opinion from Erdem & Erdem and they always made themselves available to meet.’

‘They advised us very well in terms of the law. On the other hand, with their monthly detailed reports we can track the process of the cases easily. With risk analysis reports, we can foresee the risks and take actions.’

‘The Erdem & Erdem team understand the local legal market for our US based company. They effectively communicate ideas and approaches to help us strategically navigate the local Turkey market. They ensure we remain compliant with all local laws and regulations.’

‘The Erdem & Erden team are good communicators. They listen to our needs, and effectively suggest approaches consistent with local laws and regulations. They are patient when required to work with us on solutions.’

The team is very professional and friendly. The team provides top quality advice. They are always available to respond in line with strict deadlines.

Key clients


IC Holding

Yıldırım Holding

İş Portföy





Norm Holding A.Ş.

PSA Lojistik

Limak Holding

Mersin Uluslararası Liman İşletmeciliği A.Ş. (MIP)

Bigger Games

Guccio Gucci S.p.A.




Sapio Life Turkey


Brodies LLP

Göçtur Turizm

Yılport Holding

Teraoka Seiko Co., Ltd

Segezha Ambalaj & Segezha Packaging



Work highlights

  • Advised Şişecam on the merger of six companies, five of which are publicly held joint stock companies.
  • Advised İş Portföy on (i) electronic general assembly meetings and electronic board meetings via the electronic platform and software and (ii) internal directive concept regarding the management and representation authorities.
  • Advised Tepaş on conducting vendor due diligence and preparing a due diligence report accordingly, as well as drafting a share purchase agreement and providing legal consultancy for the course of the sale.

GSG Attorneys at Law/GSG Hukuk

Operating as the Turkish affiliate of PricewaterhouseCoopers, GSG Attorneys at Law/GSG Hukuk ‘combines its in-depth knowledge with innovative methods’ and think ‘outside the box to come up with client-oriented solutions’. The department, which is headed by Nilgün Serdar Şimşek and Yavuz Dayioglu who was promoted to partner in June 2021, is particularly noted for its work in the manufacturing and energy sectors. Director İlke Fadillioglu is another name to note.

Practice head(s):

Nilgün Serdar Simsek; Yavuz Dayioglu

Other key lawyers:

İlke Fadillioglu


This team combines their in-depth knowledge with their innovative methods; they always think outside the box to come up with client-oriented solutions. Their collaboration with the client always makes them even more indispensable. Also during the pandemic, the team combined its in-depth knowledge with innovative communication tools when providing services.’

‘We have worked with several people from the team; Nilgün Serdar, who is the partner of the team and İlke Fadillioglu are the leading attorneys and they assure you about their experience and knowledge in a very short time.

‘This firm is particularly noted for their work involving family businesses, and they provide a high-quality service to the clients. They have a strong and dedicated team that is always solution orientated, they are extremely professional, diverse and thoughtful of the clients’ needs while providing practical advice, supported by lead examples and past experiences. I would definitely suggest all the companies to work with GSG team without hesitation.’

Their positive attitude, timely support, and their understanding of the needs of our business make them unique. They analyzed and reviewed all the details and provided us all the possible solutions

‘Nilgun Serder Simsek has provided a face to face interaction that is invaluable as a professional client relationship develops over a period of time.’

‘Their team is composed of impeccable individuals who offer solution-oriented and practical legal advice with a commercial and pragmatic approach.’

‘Nilgun Serdar Simsek has been invaluable support over the past years, helping us view issues differently. She stands out for her practical approach to issues and her proactive and extremely responsive attitude with a profound knowledge of commercial and corporate law.’

‘Yavuz Dayioglu is the key contact for M&A-related issues and commercial issues.

Güner Law Office

Güner Law Office, which is particularly well known for its expertise in the media sector, advises international and local investors on their M&A transactions and corporate matters in Turkey. M&A and TMT expert Ece Güner ToprakBurçak Kurt Biçer, who has additional expertise in employment, and mining and energy specialist Ömer Erdoğan head the team. Senior associate Gizem Esen is another active member of the practice.

Practice head(s):

Ece Güner Toprak; Burçak Kurt Biçer; Ömer Erdoğan

Other key lawyers:

Gizem Esen

Key clients

Imerys S.A.

Ferro Corporation

Fox Networks Group

Konecranes OYJ, Konecranes Ticaret ve Servis Ltd.Sti

Tracel SAS, Knot Yapı ve İş Güvenliği Sanayi Ticaret A.Ş.

Dow Jones

Forcepoint Holdings International Limited, Forcepoint Turkey Siber Güvenlik Hizmetleri Limited Şirketi

Ferro Turkey

PolyOne Turkey

Avient Turkey (formerly Clariant Turkey)

Suez WTS

Şafak Elektrik A.Ş.


Limak Çimento A.Ş.

Deezer SA

New York Times

Syneos Health through HSF LLP

Huhtamaki Group

Work highlights

  • Advised Ferro Corporation on the Turkish aspects of the global sale of its tile business to Lone Star.
  • Advised Avient Corporation (formerly PolyOne Corporation) on the Turkish aspects of its global acquisition of Clariant.
  • Advised Syneos on the merger of its Turkish subsidiaries.

Özdirekcan Dündar Şenocak Ak

An affiliate firm of Gide Loyrette Nouel, Özdirekcan Dündar Şenocak Ak‘s M&A practice has notable strength in cross-border mandates, and covers a wide range of sectors, particularly financial services, retail and energy. Bülent Özdirekcan and Arpat Şenocak head the team, and senior associate Pınar Veziroğlu Dilek provides additional support.

Other key lawyers:

Pınar Veziroğlu Dilek

Key clients

Believe International

Webhelp SAS

Groupama Hayat

Sojern, Inc.

Lactalis / Ak Gida


Gonvarri Solar



Carel Industries S.P.A

Laboratoire de Biologie Végétale Yves Rocher

Alta Plastik (Mercx Group)

Allflex (Mercx Group)





Work highlights

  • Advised Carel on the acquisition of a controlling stake in CFM Sogutma.
  • Advised Laboratoire de Biologie Végétale Yves Rocher on the purchase of the remaining 24% stakes that its Turkish partners had in the Turkish companies named Kosan Kozmetik Sanayi and Kosan Kozmetik Pazarlama.
  • Advised Oyak Renault on its long-term partnership in Turkey for the manufacturing of vehicles, by way of concluding a manufacturing a supply agreement with Karsan Otomotiv Sanayii ve Ticaret Anonim Şirketi.

Pekin Bayar Mizrahi

Pekin Bayar Mizrahi, which formed an alliance with Norton Rose Fulbright in September 2021, fields a team headed by Selin Bayar, Ferhat Pekin and Deniz Altınay. In addition to assisting with transactional matters, the team works with private equity investors and also provides strategic corporate governance advice.

Practice head(s):

Selin Bayar; Ferhat Pekin; Deniz Altınay

Key clients

Nippon Paint Holdings Co. Ltd.

Astaş Group

SMRC Automotive Modules France SAS


Birgi / Mefar Group

CIN Coatings

Kerry Logistics (Asav Lojistik Hizmetleri)

Work highlights

  • Represented BC Partners in the sale of 11.67% of the shares of Migros Ticaret to Goldman Sachs International.
  • Advised SMR AUTOMOTIVE MIRROR STUTTGART GMBH on the acquisition of 75% of Plast Met Plastik Metal Sanayi İmalat ve Ticaret Anonim Şirketi and Plast Met Kalıp Sanayi İmalat ve Ticaret Anonim Şirketi.
  • Acted on the acquisition of 10% shares of Asav Lojistik Hizmetleri AS by Kerry Logistics through its German subsidiary Kerry Logistics GmbH.

YBK Law Firm in Cooperation with CMS

Döne Yalcin and Alican Babalıoğlu head the practice at YBK Law Firm in Cooperation with CMS, which is particularly active in the real estate, infrastructure, insurance, energy, and banking sectors, advising a range of multinational and domestic corporates as well as private equity funds on transactional and regulatory matters regarding their acquisitions or divestments in Turkey. Alaz Eker Undar, who was recently promoted to the partnership, is another name to note.

Practice head(s):

Döne Yalçin; Alican Babalıoğlu

Other key lawyers:

Alaz Eker Ündar

Key clients

Howden Broking Group

PPF Group

Discovery Communications LLC

T-Dinamik Enerji Sanayi ve Dış Ticaret A.Ş.

MCI Management S.A.

Salcomp Group

YouGov PLC

Work highlights

  • Advised PPF Group on the acquisition of 50% of the shares in Temsa Ulaşım Araçları San. ve Tic. A.Ş.
  • Advised Discovery Communications on the acquisition of 35% of the shares in BluTV İletişim ve Dijital Yayın Hizmetleri A.Ş.
  • Advised a client on its potential investment in a UK-based IT solutions start-up with an operating subsidiary in Turkey.


ARIKAN | PARTNERS ILC's team was bolstered in August 2021 by the arrival of partner Naim Can Paksoy, who jointly heads the practice with transactional expert Akin Volkan Arikan. The group, which is experienced in the construction and real estate industries, represents local and multinational clients in cross-border commercial contracts and corporate transactions.

Practice head(s):

Akin Volkan Arikan; Naim Can Paksoy

Key clients

Malta Healthcare Caterers Limited

DB San Gorg Property Limited



Wap and Inserv Insurance Solutions Inc.

Mitsubishi Elevators / AG Melco Turkey

Eczacibasi Holding Inc.

Al Ghurair Investment LLC

London Forfaiting Company Ltd

Fichtner Gmbh & Co KG

SFS Insurance Technology Incorporation A.S.

Bashan Agricultural Products Inc

NEF Group




Work highlights

  • Advised AGI in relation to the partial sale of its assets.    
  • Acted as Mitsubishi Elevators’ legal department in relation to the company’s corporate and commercial matters in 2019, 2020 and 2021.
  • Advised Eczacibasi on its commercial and corporate matters regarding the Galataport Project in Istanbul.

Baspinar & Partners

Gökmen Başpınar and Ali Ceylan co-head the corporate practice at Baspinar & Partners, which stands as one of the main pillars of the full-service firm. The group shows prowess handling investment and M&A transactions -acting both for buyers and sellers- and has of late increased its activity among venture capital fund management companies in Turkey.

Practice head(s):

Gökmen BaşpınarAli Ceylan

Key clients

Re-Pie Portfolio Management

NIZH-YUG Group (Petrochemicals, Rubber etc.)

Tatex Petrochemicals

Baykan Group Companies (textile, real estate, automotive)

Intertek Quality Services

Intertek Test Services

Apleona Group (Formerly Bilfinger)

Bursel Textile

Spectrum Holding (Renewable Energy)

Almetsan Construction Material Industry Inc.

Acalis Healthcare Services

Marmara Deri Ltd.

Mr. Seyfettin Ersen Erol

Work highlights

  • Advised an investment fund managed by Re-Pie Portfolio Management on acquiring 40% of the shares of TurkNet, one of the major Internet Service Providers (ISP) in Turkey.
  • Advised “Re-Pie Portfolio Management” on the sale of its Getir shareholdings, worth $ 35m to a U.A.E. based investment fund.
  • Advised “Tatex Petrochemicals” on the tender held by Turkish Savings Deposits Insurance Fund, for the sale for one of the biggest petrochemical facilities in Turkey, named “Naksan”.

Breitegger-Develioglu Law Firm

‘Experienced and knowledgeable’ boutique firm Breitegger-Develioglu Law Firm represents a range of foreign corporations in Turkey, predominantly Austrian and German companies, on cross-border M&A work. Sezen Ergen Breitegger, who garners praise for her skills handling ‘sizable cross-border transactions between the European Union and Turkey’, and Burçin Yıldırım Develioğlu are the key names.

Practice head(s):

Sezen Eger Breitegger; Burcin Yildirim Develioglu



‘Great team of lawyers. Very knowledgeable team on corporate matters. Bilingual German / Turkish with European legal understanding.’

‘Sezen Ergen Breitegger is an outstanding commercial law expert. We feel secure to have her on our side in complicated investment rounds for our company. She is sharp and to the point. Her communication skills are excellent’

‘They managed to become as much a part of us as our own Law Department. Fast accessibility, quick response and the ability to look at things from our perspective is a unique experience for us.’

‘In addition to being experienced and knowledgeable, the firm consists of strong communicative, customer-oriented, relevant, result-oriented, analytical and accessible individuals.’

‘The team’s key strengths and capabilities are based on its excellent legal know-how, international experience and network. The team is a reliable partner through every stage of an investment project, providing solution-oriented advice always.’

‘The team comprises skilled and experienced lawyers and maintains a wide network of reputable local and international academic and business experts. The law firm is offering not only legal advice but also ease of doing business in Turkey and cross-borders transactions. In addition to its great legal advice, clients are enjoying a complete and efficient service when it comes to doing business in Turkey.’

‘Sezen Ergen Breitegger is an excellent international commercial lawyer. She is focused, her communication skills are outstanding and you want to have her on your team in business negotiations.’

‘The best thing about them is, they make you feel and think you are their one and only client, although they are quite busy law firm. The partners have extensive knowledge in the area of Turkish and International business. One of the interesting experiences we had with them was how easily they could reach the best available experts in Turkey and worldwide.’

Key clients

Cana Bilişim Hiz. Ve Tic. A.Ş.

Aurosun GmbH

Schiebel Antriebstechnik GmbH

Mergen Dış Tic. ve Paz. A.Ş.

f&s Ingenieurbüros GmbH

Grafin Consultancy


The practice at DURUKAN+PARTNERS regularly acts on the buy and sell side of M&A and commercial matters. The department is jointly headed by the ‘remarkableBegum Durukan Ozaydin, and Hikmet Fadillioglu, who earns praise for being a ‘dependable business partner’.

Practice head(s):

Begum Durukan Ozaydin; Hikmet Fadillioglu


‘Begum Durukan is a remarkable attorney with a keen insight into client satisfaction. She consistently delivers quality results in a timely basis and is able to manage difficult situations with clients who are historically very demanding.’

I have been working with Durukan Partners for many years within several industries. They have been an indispensable business partner for me and my teams in Retail, Luxury and Cosmetics with all legal topics surrounding our business.’

Hikmet Fadillioglu – a dependable business partner, who listens well not only to his clients but also to third party contacts. He has a strong commercial perspective, that has been developing throughout the years that we have been working with.

Key clients

Alimentation Couche-Tard

Ansaldo Energia SpA

Brev Bilisim A.Ş. (Brew)

BYK Otel İşletmeleri Yatırım ve Turizm Ltd. Şti. and Levist Emlak Geliştirme Otelcilik ve Turizm A.Ş.

Daniel Wellington


Etam Turkey (Turkish subsidiary of Investint, formerly known as Etamint, in France)

EYY Kozmetik Sanayi Tic. A.S. (Yaemina Beauty)


HMT LLC and HMT Turkey

International Finance Corporation (IFC)

Letterone Group and IMTIS Holdings

Pladis Food Limited


Gazprom Export LLC and ZMB Gaz Depo A.S.

Sephora Kozmetik A.S. and Benefit Cosmetics LLC

Christian Dior


Work highlights

  • Advice to LetterOne, indirect shareholder in Turkcell, on restructuring and shareholding issues and concepts of capital markets laws as they may apply to Turkcell.
  • Advice to Sephora on all its legal needs on corporate matters in Turkey.
  • Advice to Louis Vuitton on its store opening/construction/licensing process in Bodrum/Turkey Marina which is subject to a complex licensing process.

Gedik & Eraksoy

Operating in alliance with Allen & Overy, Gedik & Eraksoy's practice is well known for handling the domestic components of high-value cross-border deals, as well as standalone Turkish transactions. Co-founding partner Hakki Gedik heads the department.

Practice head(s):

Hakki Gedik

Key clients

Aviva Group Holdings Limited


Hive Enerji

Prysmian S.p.A

SAP America, Inc. / SAP SE

Intesa Sanpaolo S.P.A.

Turk Ticket S.à r.l. / Riyada Managers B.V. (RMBV)

Work highlights

  • Advised Aviva on its exit from AvivaSA, acting on the sale of its entire 40% stake in AvivaSA Emeklilik ve Hayat A.Ş. – its (now former) joint venture with Sabancı Holding.
  • Advising Aegon on the sale of its insurance, pension and asset management business operations to Vienna Insurance Group across multiple jurisdictions.
  • Advised Hive Enerji on the sale of its entire stake in eight SPVs holding project rights over solar power plants in Adıyaman, Turkey.

Heuvels Uras

Sena Apak Heuvels heads the practice at Heuvels Uras, which is particularly renowned for its prowess handling retainer work, and commercial and distribution agreements, while also focusing on transactions, mainly in the shipping and transportations, real estate, and oil and gas sectors. Derya Apaydın, who advises on a range of corporate transactions including multi-jurisdictional restructurings, commercial matters and daily business activities, is another name to note.

Practice head(s):

Sena Apak Heuvels

Other key lawyers:

Derya Apaydın

Key clients

Exolvo/BMC Holding

Kinesis Group Holdings

Treadegram Teknoloji Anonim Sirketi

Transal Shipping

Hitay Group Companies

Kibar Group Companies

Steltech Makina ve Ekipman Ticaret Anonim Şirketi

Stenia Gayrimenkul Yatirim Anonim Şirketi

GG Holding Anonim Sirketi


Momentum Group

FELIX Group diş Ticaret Anonim Şirketi

Prive Holding

Pekpan Sanayi ve Ticaret Limited Şirketi


KILINÇ LAW & CONSULTING covers everything from day-to-day corporate matters and legal due diligence to cross-border M&A and joint ventures, and is best known in the market for its energy sector expertise. Levent Lezgin Kılınç and Seray Özsoy lead the M&A department, while senior associate Gülenay Kavca handles corporate mandates.

Practice head(s):

Levent Lezgin Kılınç; Seray Özsoy Yavuz; Gülenay Kavca

Key clients

SOCAR Turkey

Anonim Şirketi and subsidiaries

Venture Capital Investment Funds of Arz Portföy

Venture Capital Investment Funds of Kızılay

RMA Group  Coenda Group

Mersin International Port (MIP)

Work highlights

  • Advised SOCAR Turkey LNG Satış Anonim Şirketi on the TRY55m sale of its shares to Naturelgaz Sanayi Ve Ticaret Anonim Şirketi.
  • Advised a joint venture formed by a venture capital fund and an energy company on the $17.5m buyout of a licensed electricity producer.
  • Advised a venture capital fund on the investment to a technology startup.

Yazici Attorney Partnership

Operating from Ankara and Istanbul, Yazici Attorney Partnership's practice advises on a variety of matters, from incorporation to corporate re-structuring, through to day-to-day commercial matters and governance, to M&A and spin-offs. The team is co-headed by Murat Yazici, who is highly specialised in oil and gas, and Elif Karagözoğlu. Ayşe Yazıcı is another active name in the team.

Practice head(s):

Murat Yazıcı; Elif Karagözoğlu

Other key lawyers:

Ayşe Yazıcı


‘Yazici’s team always takes the extra step to understand the business, driving commercial concerns behind any decision-making process, and the realities ascribed with common commercial transactions. Therefore, their advice on commercial transactions and corporate governance affairs are always efficient and on point.’

‘Senior Partner Elif Karagözoğlu is sharp, very friendly, very accessible and always to the point.’

‘Our long term engagement since our inception has enabled a level of communication with utmost efficiency.’

‘The team is experienced on the subject topics. The team comprises of more than one person with vast knowledge on different subjects.’

Key clients

Termo Makina ve Tic. A.Ş.

Leonardo Turkey Havacılık Savunma ve Güvenlik Sistemleri A.Ş.


Turner Project Management

BTA Havalimanları Yiyecek ve İçecek Hizmetleri A.Ş. (“BTA”)

Hisarlar Makina San. A.Ş.

Genetec Inc.

Sepil Holding A.Ş.

Bosphorus Gaz Corp. A.Ş.

Erkunt Group Companies

Work highlights

  • Advised the shareholders on an inter-group share assignment and re-structuring.
  • Advising Erkunt Traktör and Erkunt Sanayi on corporate law matters related to the Board of Directors resolutions, General Assembly meetings, and specific corporate law-related queries.
  • Advised BTA on a joint venture agreement with a French catering company for operation of a commercial space in Amman, Jordan airport.

Çelepçi in cooperation with Schoenherr

Çelepçi in cooperation with Schoenherr stands out for its ‘excellent expertise advising foreign investors in Turkey’. Managing partner Levent Çelepçi, and Murat Kutluğ, who was promoted to partner in 2021, are the key names. The team has notable sector expertise in energy, manufacturing, pharmaceuticals, real estate and telecoms, among others.

Practice head(s):

Levent Çelepçi

Other key lawyers:

Murat Kutluğ


The firm has excellent expertise advising foreign investors in Turkey. We always rely on their professional, timely, helpful and knowledgeable advice.’

We work with Mr. Murat Kutlug. We are impressed by the professional level of his service and the dedication to the clients that he demonstrates. We feel that the legal aspects of our business in Turkey is well taken care of.’

Key clients





Nuvei Technologies Corporation

TTTech Auto AG


Volkswagen Aktiengesellschaft

Scholz Management Service GmbH


Getinge Group

Atrium Group

Angst & Pfister Holding AG


Société Générale International Limited


Best Achizitii SRL

Leoni AG

MT Group Companies-Maxicells İlaç Sanayi Anonim Şirketi

Genel Havacılık (General Aviation Center)

Unicredit Bank Austria AG

Metcap Enerjİ Yatirimlari Sanayİ ve Tİcaret A.Ş.(Metcap)

Tamtex Tekstil

La Bottega

Work highlights

  • Advised MT Holding on the sale of the Kartek Group companies operating in the field of technology.
  • Advised Sage Automotive Interiors Inc on the Turkish law aspects of the cross-border upstream acquisition of Adient’s automotive fabrics business.
  • Advised Elevator Ventures Beteiligungs GmbH, the corporate venture capital fund of Raiffeisen Bank International, on a detailed red flag due diligence report.