Istanbul's Durukan+Partners and Skadden Arps have advised LetterOne on the recent restructuring of Turkcell’s shareholding structure. Milbank and Turkey's Aksu Caliskan Beygo Attorney Partnership advised the Turkey Wealth Fund and Ziraat Bank, Sullivan & Cromwell and Herguner Bilgen Ozeke advised Telia Finland, and White & Case and the Kabine Law Firm advised Cukurova on the deal.
According to Durukan+Partners, the restructuring resulted in: (i) the acquisition by the Turkey Wealth Fund, working through a fully owned subsidiary, of 26.2% of the shares in Turkcell, "for 15% of which certain privileges were established to give the Turkey Wealth Fund management control of Turkcell;" (ii) the acquisition by the Netherlands' IMTIS Holdings, in which LetterOne holds a 100% economic interest, of a 24.8% stake in Turkcell; and (iii) Alfa Telecom Turkey Limited (a subsidiary of LetterOne), Cukurova, and Telia Finland ceasing to be indirect shareholders in Turkcell.
According to the Aksu Caliskan Beygo Attorney Partnership, "the amendments to Turkcell’s Articles of Association, under which the Turkey Wealth Fund becomes the company’s controlling shareholder, were approved with a majority of 93% at Turkcell’s Annual General Assembly Meeting held on October 21, 2020. Closing of the transaction occurred on October 22, 2020. Successful closing of the deal resolved over-a-decade-long shareholder disputes, simplified the ownership structure of the company, and accomplished a major loan restructuring."
The Aksu Caliskan Beygo Attorney Partnership team was led by Founding Partner Okan Beygo and included Partners Ela Sari, Denel Balci Kirali, Ayhan Kilinc, Senior Associate. Gozde Emek, and Associates Beste Bundur, Muhammed Tosun, and Yasemin Sonay.
White & Case's team was led in London by Partner John Reynolds and Associate Omar Anwar and included Partners Ashley Ballard, Christopher Czarnocki, Charles Balmain, Amanda Cowell, and Associate Richard Coopey.
The Kabine Law Firm team was led by Partner Tuvan Yalim and included Partner Mehmet Karli and Associates Ozgecan Korkmaz, Gulce Keskin, Macit Tolga Bayrak, Deniz Guneri, Lara Oranli, Zeynep Ekinci, Berkay Arslan, and Pinar Ozcan.
Herguner Bilgen Ozeke's team was led by Partner Kayra Ucer and included Associates Emel Tulun, Hakan Ekim, Turkay Avanas, and Batuhan Kocabas.
Editor's Note: After this article was published, Durukan+Partners informed CEE Legal Matters that its team had been led by Partner Begum Durukan Ozaydin and included Senior Associate Ibrahim Baysal and Associates Muhammed Kesim and Ilker Demirtas.
Subsequently, Milbank confirmed that it had "acted for the Turkish Wealth Fund ... and T.C. Ziraat Bankasi A.S. .... in relation to the restructuring of the holding company shareholder arrangements, the related debt facilities provided by Ziraat Bank, and TWF’s acquisition of 26.2% of the shares of Turkcell Iletisim Hizmetleri A.S." The firm's London-based team, which was led by Partner Clive Ransome and Senior Associate Seyda Duman, included Partner Tom Canning, Senior Associates Paul Kinninmont and Andrew Reilly, Special Counsel Chris Taufatofua, and Associates Helen Sutcliffe and Marta Zieba.