11
Sun, Apr
64 New Articles

Durukan+Partners, ASC Law, Herguner Bilgen Ozeke, White & Case, and Kabine Law Advise on Landmark Turkcell Restructuring

Durukan+Partners, ASC Law, Herguner Bilgen Ozeke, White & Case, and Kabine Law Advise on Landmark Turkcell Restructuring

Turkey
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

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.

 

Turkey Knowledge Partner

NAZALI offers a broad range of services in the fields of Tax, Audit, Corporate and Commercial Law, Mergers & Acquisitions, Corporate Finance, Banking, Finance and Capital Markets, Protective Legal Services and Dispute Resolution, Personal Data Protection and Privacy, Social Security and Labor Law, Occupational Health and Safety, Competition Law, Intellectual Property Law and R&D, Compliance and White-Collar Crimes, Administrative Law, Real Estate Law, Customs and Foreign Trade, Accounting and Payroll, Financial Incentives and Advisory Services and Public Administration and Compliance through its partners, associates and consultants of different seniorities who have both public and private sector experience.

What sets NAZALI apart from others is that NAZALI offers a truly comprehensive service to its clients with experts from different disciplines working collaboratively as a team under one roof enabling us to evaluate all dimensions of legal matters together with financial and technical matters.

The services that NAZALI provides to its clients include the most appropriate solution with the support of technical departments specialized in their fields. In this context, NAZALI associates are supported by NAZALI technical team and work alongside the experts in the fields of finance, social security and customs matters. NAZALI has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

As conditions continuously evolve, NAZALI always aims to further itself remaining true to its motto “GROW WITH KNOWLEDGE” and has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

Firm's website: http://www.nazali.com

Our Latest Issue