YYU Legal has advised the shareholders of the Asay Group of companies on the sale of a 50% stake in the four Turkish members of the Group to the EOH technology solutions group. The EOH group was sold by the Inanici-Tekcan Law Firm.
According to YYU Legal, the Asay Group companies are based in Turkey, the United States of America, and the People’s Republic of Bangladesh and provide smart energy, water, and Internet of Things (IOT) solutions, including traffic management, data communication management, and smart grid technology solutions. The reports that "EOH, on the other hand, is a JSE-listed technology solutions group expanding its portfolio in the EMEA region, saying it believes the pipeline for its solutions is strong. With 11,500 employees, EOH is active in 50 countries and has legal presence in 19 countries including Dubai, England, Saudi Arabia and India. Its majority shareholder is Public Investment Corporation fund owned by the South African government having total net asset value of 137 billion dollars."
The transaction included the acquisition of 50% of the shares of Asay Iletisim Hizmetleri A.S, Asay Vad Otomasyon Teknolojileri A.S., Asay Enerji Insaat ve Sanayi A.S., and Asay Elektronik Elektronik Mlz. Ser. Hiz. Ltd., all of which are incorporated in Turkey, as well as Enerclever, which is incorporated in the United States, and Astek, which is incorporated in Bangladesh.
The YYU Legal team advised the shareholders of the Asay Group on the sale of 50% in each of the 4 Turkish entities, while the sale of the two non-Turkish entities was negotiated separately between the parties.
Editor's Note: After this article was published, Inanici-Tekcan informed CEE Legal Matters that its team advising EOH on the transaction consisted of Sinem Birsin and Beril Celebi Cem. The firm also made the application for and obtained approval for the deal from the Turkish Competition Authority.