Paksoy has advised the Stellantis Group on the full sale of its Stellantis Otomotiv Pazarlama automobile distributor subsidiary to Tofas Turk Otomobil Fabrikasi. Baker McKenzie Turkish affiliate Esin Attorney Partnership advised Tofas.
The transaction remains contingent on regulatory approval.
Stellantis Otomotiv Pazarlama is an automobile distributor for the Citroen, Peugeot, Opel, and DS Automobiles brands.
Amsterdam-headquartered Stellantis was established in 2021 through the equal merger of Italo-American Fiat Chrysler Automobiles and the French PSA Group.
According to Paksoy, 24.3% of Tofas' shares are currently traded on the Borsa Istanbul stock exchange, with Koc Holding and Stellantis each holding equal stakes in the remainder. Among its other operations, Tofas has a production capacity of 400,000 vehicles per year.
"Through this transaction, Stellantis N.V. [...] will consolidate all activities in Turkiye under a single entity, meaning that all Stellantis brands in Turkey – Alfa Romeo, Fiat, Citroen, DS Automobiles, Jeep, Maserati, Opel, and Peugeot – will be distributed by Tofas," Paksoy reported.
The Paksoy team included Partners Togan Turan, Okkes Sahan, Nazli Bezirci, and Sansal Erbacioglu and Associates Melisa Sevinc, Melis Azman, Idil Gunes, Nazim Canay Palak, Gamze Boran, and Ece Bezmez.
The Esin Attorney Partnership team included Managing Partner Eren Kursun, Partner Ali Selim Demirel, Senior Associates Sila Pinar and Erman Ertan, and Associates Alp Mungan and Sam Gizem Sozer.