Paksoy has advised MIH PayU B.V., a subsidiary of Naspers Ltd., on its June 10, 2019 agreement to acquire Turkish digital payments and e-money company Iyzi Odeme ve Elektronik Para Hizmetleri Anonim Sirketi for USD 165 million. Kolcuoglu Demirkan Kocakli advised Iyzi Odeme and its shareholders on the transaction, with Orrick advising selling shareholder Vostok Emerging Finance, and Moroglu Arseven reportedly advising selling shareholder 212 Capital Partners I Cooperatief.
According to KDK, Iyzico was incorporated by Barbaros Serdar Ozbugutu, Tahsin Isin, and Pahicle Invest as a start-up, and various international funds, including Vostok Emerging Finance and 212 Capital Partners I Cooperatief, have invested in the company through a number of investment rounds since. Other shareholders included Beenos Asia PTE ltd., Endeavor Catalyst, inc., Endeavor Catalyst I l.p., International Finance Corporation, and Amadeus IV Digital Prosperity lp.
According to Paksoy, PayU was already in the Turkish digital payments market through its direct subsidiary PayU Odeme Kurulusu Anonim Sirketi, and will expand its position with the acquisition of Iyzico.
The Paksoy team consisted of Partner Elvan Aziz, Counsel Serdar Ildırar, and Associate Gozde Zorlu.
The Orrick team consisted of London-based Partner Shawn Atkinson and Associate Stephen Tallon and Washington D.C.-based Partner Harry Clark.
The KDK team was led by Partner Begum Incecam, Mid-Level Associate Esra Kaptan, and Junior Associate Ipek Yuksel.
Editor's Note: After this article was published Moroglu Arseven informed CEE Legal Matters that its team was led by Partner Burcu Tuzcu Ersin, who was assisted by Senior Associates Pelin Oguzer and Basak Acar.
