China's Global Law Office has advised a consortium consisting of China Merchants Expressway Network & Technology Holdings Co., Ltd., China Merchants Union Limited, Zhejiang Expressway Co., Ltd., Jiangsu Expressway Company Limited, Sichuan Expressway Company Limited, and Anhui Expressway Company Limited on its acquisition of 51% of the project company of Istanbul's Third Bridge and Northern Marmara Motorway project.
The Share Purchase Agreement and other related transaction documents were signed in Beijing on December 23, 2019. Closing remains subject to governmental approval.
According to the Global Law Office, "the transaction amount exceeds USD 688 million, which represents the largest infrastructure M&A transaction in Turkey and the largest cross-border investment by China-based investors in Turkey to date."
The GLO team was led by Partners Jinrong Liu, Wei Qin, and Shifang Guo, supported by lawyers Ting Chen, Yuxin Wu, Zhuoya Yang, Quanxin Li, and Yixin Wang.
Editor's Note: After this article was published, Clifford Chance and the Yegin Ciftci Attorney Partnership announced that they had worked alongside the Global Law Office in advising the buyers. The Yegin Ciftci team was led by Istanbul Corporate/M&A Partner Itır Ciftci and Counsel Kemal Aksel, supported by Senior Associate Umut Ozdogan and Associate Asli Kural. Clifford Chance advised on the international legal aspects of the deal, with M&A Partner Fang Liu leading a team in Hong Kong and Beijing that included Partners Frank Yuen and Tianning Xiang, Senior Associates Fang Bao, Yuling Geng, Ryan Wong and Claire Cao, and Associate Haoze Zheng.
Subsequently, Baker McKenzie and the Esin Attorney Partnership announced that they had advised IC Ictas on the sale, and that under the terms of the agreement, IC Ictas and the Chinese consortium will be undertaking the financing, design, construction, operation, and all maintenance and repair of the Northern Marmara Motorway Odayeri-Paşakuy Section in Istanbul. Baker McKenzie's team included Partners Ismail Esin and Caner Elmas and Associate Mehmetcan Atasoy, all of whom are with Baker McKenzie's member firm Esin Attorney Partnership in Istanbul. The team also included Partner Tracy Wut and Associate Lily Liu of Baker McKenzie in Hong Kong and Partner Maggie Chen of Baker McKenzie in Shanghai.