Cakmak has advised Engie on the sale of its shares in energy-sector companies Izgaz, Baymina, and EPG to Palmet Enerji. Garanti BBVA and VakifBank provided acquisition financing to Palmet Enerji. Akol Law advised the buyer and GKC Partners in association with White & Case advised the banks.
Financial details of the transaction were not disclosed.
Engie is a French energy company that is primarily focused on renewable and low-carbon energy sources. The company employs over 170,000 people around the whole and has reported EUR 60 billion in revenue.
Palmet Enerji is a Turkish producer and retailer of electricity, as well as distributor and retailer of natural gas.
According to Cakmak, Izgaz is a natural gas distributor in Turkey’s Izmit Province; Baymina is an operator of a combined cycle gas turbines system with an installed capacity of 770 megawatts in Ankara; and EPG is a provider of operations and maintenance services in the energy sector.
Cakmak’s team consisted of Partners Zeynep Cakmak and Kemal Aksel, Senior Counsel Elif Demiroz, Counsel Gulsen Engin, Senior Associate Kerem Bener, and Associate Basak Ayik.
Akol Law’s team included Partners Meltem Usu-Akol, Tugce Tatari, Omer Gokhan Ozmen, and Gunes Yalcin.
GKC Partners’ team consisted of Managing Partner Guniz Gokce, Partner Ates Turnaoglu, Associates Ozlem Barut, Baran Abur, Caglar Senol, and Ata Deniz, and Legal Intern Atakan Arslan.