In July 2023, the Turkish Personal Data Protection Authority (the “DPA”) issued a decision, a bulletin and published nine data breach notifications.
BASEAK Advises Koc Medical on Acquisition of Bicakcilar
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Koc Medical on its acquisition of Bicakcilar Global Tibbi Urunler and its fully owned subsidiary Bicakcilar Tibbi Cihazlar.
Turunc and Caliskan Okkan Toker Advise on Arya's Investment in Vispera
Turunc has advised the Arya Women Investment Platform on its investment in Vispera. Caliskan Okkan Toker advised Vispera.
Paksoy Advises IFC, AIIB, and DFC on Akbank’s USD 300 Million Subordinated Debt Placement
Paksoy has advised investors IFC and the Asian Infrastructure Investment Bank on Akbank’s USD 150 million issuance of sustainable tier-2 notes and the DFC on Akbank's USD 150 million issuance of gender tier-2 bonds. Allen & Overy reportedly advised Akbank.
Turunc Advises BV Dijital on Cooperation Agreement with Waves Tech
Turunc has advised BV Dijital on its cooperation agreement with Waves Tech including the formation of a new entity focused on blockchain technologies.
The Digital Era Begins for Unlicensed Electricity Generation Applications
The Regulation on the Amendment ("Amendment Regulation") to the Regulation on Unlicensed Electricity Generation in the Electricity Market ("Regulation") was published in the Official Gazette dated 29 July 2023 and numbered 32263 and entered into force on the same date.
KECO Legal Advises Erguvan on Seed Investment Round with ENBD Group and Deniz Ventures
Kumkumoglu Ergun Cin Ozdogan has advised Istanbul-based climate technology start-up Erguvan on its seed investment round with Emirates NBD and DenizBank's Deniz Ventures over a USD 7.33 million valuation.
Amendments to the Tax Exemption for Immovable Properties in terms of Corporate Income Tax
The Law No. 7456 on the Issuance of Additional Motor Vehicles Tax for the Compensation of Economic Losses Caused by the Earthquakes Occurred on February 6, 2023 and Amendments to Certain Laws and Decree Law No. 375 ("Omnibus Bill") entered into force upon its publication in the Official Gazette dated July 15, 2023 and numbered 32249.
Turunc and Kirbiyik Advise on Bogazici Ventures Investment in Arvis Games
Turunc has advised Bogazici Ventures on its investment in Arvis Games. The Kirbiyik Law Firm advised Arvis Games.
Esin and Verdi Advise on TeamSystem Acquisition of Mikro Group
Baker McKenzie Turkish affiliate Esin Attorney Partnership has advised TeamSystem on its acquisition of a 53% stake in the Mikro Group from Dash Software, Izzet Murat Sakarya, Alpaslan Tomus, Kadir Keskin, Xiang Yu, and Andac Turkmen through a bid process. Verdi advised the sellers.
Sezin Elcin Cengiz Launches CORE Competition Boutique in Turkiye
Former White & Case Senior Competition Director Sezin Elcin Cengiz announced the establishment of her new competition law consulting firm in Istanbul: CORE – Competition & Regulation.
Meltem Azbazdar Joins Diageo in Germany as General Counsel Northern Europe, Eastern Europe, and MENA
Turkish lawyer Meltem Azbazdar has relocated to Hamburg, Germany, to take the role of General Counsel Northern Europe, Eastern Europe, and MENA at Diageo.
What Does the New Turkish Tax Regulations Mean for Corporations and Investors
Recent developments in Turkish tax regulations carry substantial implications for both corporations and foreign investors. Turkey has undertaken substantial measures to fortify its fiscal position and tackle economic challenges. Among the notable changes is the elevation of the general corporate income tax rate to 25%. The financial sector faces an even higher rate of 30%. This tax rate adjustment is rationalized by the government as a means to aid the country's recovery efforts following recent earthquakes.
Paksoy and Esin Advise on Sale of Stellantis Otomotiv Pazarlama to Tofas Turk Otomobil Fabrikasi
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.
White & Case, TBP, and Spasov & Bratanov Advise on Energo-Pro's EUR 300 Million Bond Issuance
White & Case and Eversheds Sutherland member Tsvetkova Bebov and Partners have advised Energo-Pro on its EUR 300 million issuance of senior unsecured notes due 2035. Spasov & Bratanov and Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised initial purchaser Goldman Sachs & Co and guarantor DFC. White & Case Turkish affiliate GKC Partners and Georgia's BLC Law Office reportedly also advised the issuer. Georgia's Business Legal Bureau reportedly advised the initial purchaser as well. Alston & Bird reportedly advised the trustee.
New Regulations Increasing the Tax Burden!
The significant public financing need caused by the earthquakes centered in Kahramanmaraş and Hatay on 6 February 2023 continues to lead to various tax-related regulations. The first of such regulations was a one-time additional tax imposed on certain corporate taxpayers with Law No. 7440 on the Restructuring of Certain Receivables and Amendments to Certain Laws published in the Official Gazette dated 12 March 2023.
Paksoy and YBK Advise on Kaleseramik IPO
Paksoy and CMS affiliate Yalcin Babalioglu Kemahli have advised Turkish tile manufacturer Kaleseramik on its IPO and Borsa Istanbul listing.
Turunc Advises Arya on Investment in Kiralarsin
Turunc has advised the Arya Women Investment Platform on its investment in Turkish electronics rental company Kiralarsin. Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki reportedly advised Kiralarsin.