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White & Case Advises Indian Infrastructure Company on Divestment of Istanbul Airport

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White & Case has advised GMR Infrastructure, an Indian infrastructure company, and its group companies, on the sale of their 40 percent stake in Istanbul's Sabiha Gokcen (ISG) International Airport, one of the fastest-growing airports in the world.

The stake was acquired by an affiliate of Malaysia Airports Holdings Berhad (MAHB), an existing shareholder in ISG, for EUR 209 million.

"We worked with GMR to conclude an agreement initially with another buyer but also planned for the exercise of a right of first refusal by the existing shareholders of ISG," said White & Case lead Partner Nandan Nelivigi. "Ultimately, MAHB exercised its right of first refusal, and the sale closed after receiving approvals from ISG's lenders and government agencies at a great speed in spite of intervening elections in Turkey."

Along with Nelivigi, the White & Case team included Partners Sebastian Buss in Istanbul, David Eisenberg and Dipen Sabharwal in London, and Jonathan Olier in Singapore, as well as Counsel Amiko Sudo in New York and George Cyriac in Singapore, and Associates Luke Bowers and Rian Matthews in London and Ciara Yeo in Singapore. GMR was advised on Turkish law issues by a team from Cakmak Avukatlik Burosu -- White & Case's arm in the Turkish capital, Ankara -- consisting of Associates Naz Bandik, Ayse Eda Bicer, Ozlem Kizil Voyvoda, Hakan Eraslan.