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Baker McKenzie Acts on First IPO of a Turkish Group on London Stock Exchange

Baker McKenzie Acts on First IPO of a Turkish Group on London Stock Exchange


The Esin Attorney Partnership and Baker McKenzie have advised Global Ports Holding, the world's largest independent cruise port operator, on its initial public offering on the London Stock Exchange. Cleary Gottlieb advised the banks on the deal, which closed on May 17, 2017.

According to the Esin Attorney Partnership, "the floatation gives the company, whose shareholders included Global Yatirim Holding A.S. and the EBRD, a market capitalization of GPB 465 million. The company plans to use the majority of the net proceeds to expand and develop new ports. Citigroup, Goldman Sachs International and Barclays acted as joint global coordinators and joint bookrunners, VTB Capital acted as joint bookrunner, and Shore Capital acted as lead manager."

Esin Attorney Partnership Partner Muhsin Keskin described the deal as "very significant," as it represents "the very first IPO of a Turkish group on the London Stock Exchange." According to Keskin, "this deal is indicative of foreign investors' rising interest and confidence in the Turkish capital markets. We are proud to be part of this first-of-its-kind deal."

Simon Porter, London head of Baker McKenzie’s structured capital markets group, said: "We're delighted to have advised Global Ports Holding on its listing on the London Stock Exchange. This is an exciting time for a company that started as a purely domestic port operator and has grown to become the world’s largest cruise port operator by number of ports and passengers. We're proud to have played a part in it, having worked with the company for many years."

This firm's team was led by Partner Simon Porter, Edward Bibko, James Thompson, Roy Pearce and Muhsin Keskin, supported by Associates David Jahoda, Cristina Brown, Joanna Courtice, Carita Vitu, Berk Cin, Deniz Erden. and Sait Baha Erol.

Editor's Note: After this article was published, the Akol Ozok Namli Attorney Partnership informed CEE Legal Matters that it served as Turkish counsel to the banks, working alongside Cleary Gottlieb.

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