CHSH and Balcioglu Selcuk Akman Keki Avukatlik Ortakligi have advised OMV in connection with the sale of all of 100% of its shares in Turkish mineral oil distribution company OMV Petrol Ofisi AS to Vitol Group. Kolcioglu Demirkan Kocakli worked with Hengeler Mueller in advising the Vitol Group, which was selected as purchaser by OMV after a competitive auction process, on the sale. The total purchase price of the transaction amounts to EUR 1.368 million, and closing is expected to occur in the third quarter of 2017, subject to conditions including the relevant regulatory approvals.
Paksoy has advised Migros on its acquisition of Tesco Kipa from Tesco Overseas Investments Limited. The share purchase agreement was signed on June 10, 2016, and the deal closed in Izmir on March 1, 2017, following clearance from the Turkish Competition Authority. Herguner Bilgen Ozeke advised the sellers on the deal.
Turkey’s first and only law specifically dedicated to data protection and privacy, the Law No. 6698 on Protection of Personal Data (“Law No. 6698”), came into force on April 7, 2016 with certain transition periods. The Data Protection Board has been formed, but is not yet functioning. The secondary legislation is still pending, although certain sector-specific regulations have been put in place, and is expected to be completed by April 7, 2017.
Many years in the making, the Istanbul Arbitration Centre (“ISTAC” or the “Centre”) was finally established in 2015 and began picking up steam in 2016. The first plans to form an arbitration Centre in Istanbul were laid out by the Turkish government in 2009 as part of the country’s action plan and broader strategy to make Istanbul a bigger financial hub.
Paksoy has advised Coventya — a Fund II portfolio company of European private equity firm Silverfleet Capital — on its acquisition of an 80.6% interest in Borsa Istanbul-listed Politeknik Metal Sanayi ve Ticaret A.S from private individuals Atila Yaman, Mesut Akkaya, Nilgun Yaman, Melisa Bahar Akkaya, and Filiz Akkaya. The Ismen Law Firm advised the sellers. Coventya has announced that it will also launch a mandatory tender offer for the remaining 19.4% of the company’s shares in compliance with the principles and procedure of the Capital Markets Board of Turkey.
Cakmak Avukatlik Ortakligi — the firm in Ankara formerly doing business as the Cakmak Avukatlik Burosu and, until last year, formally associated with White & Case — has announced a number of substantial changes, including its name change, the promotion of two lawyers to the firm's partnership, the return of a Partner after several years away, and the addition of a new US-qualified lawyer to the team.
An alternative dispute resolution method is expected to be introduced in Turkey shortly through the Draft Law on Labor Courts (“Draft Law”). The purpose of the Draft Law is to bring a functional and an effective judicial procedure for labor conflicts via mandatory mediation and to replace the current regulations.