Erdem & Erdem has advised Trakya Cam Sanayii A.S, a company of Turkey’s Sisecam Group, on its acquisition of all assets of Italy-based flat-glass manufacturer Sangalli Vetro Porto Nogaro for a gross of EUR 84.7 million.
According to Erdem & Erdem, the acquisition was made within "a special concordato procedure (known as 'concordato in bianco' under Italian law), which allows SVPN to enjoy a certain period in which it is protected from enforcement actions from creditors and bankruptcy petitions. The acquisition by Trakya Cam was the result of this concordato process where the sale of shares is permitted to a purchaser providing an eligible Business Plan."
In acquiring Sangalli's annual production capacity of 220,000 tons, Sisecam becomes the largest flat-glass manufacturer of Europe in terms of capacity.
Erdem & Erdem Partners Ozgur Kocabasoglu and Gaye Spolitis led the firm's team on the deal, working in collaboration with Italian law firm Lombardi Molinari Segni.
