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The Turkish M&A market never lacked surprises or activity and has always been one to watch, even at times when other markets were navigating doldrums. The rest of 2022 and 2023 are not likely to be exceptions and there is certainly room to be optimistic in terms of increased activity.

The labor markets have been disrupted by the COVID-19 pandemic globally and Turkey had its fair share of lockdowns, economic downturns, and unprecedented shifts in the business landscape. One of these structural changes in, and challenges for, the Turkish market is remote working.

Turkey, a G20 country, has been experiencing an increase in energy demand with its high-speed economic and population growth which makes it even more dependent on energy imports for primary energy sources. To ensure the security of its energy supply, Turkey has set its mind to increase the share of renewable energy resources, as per its renewable energy and energy efficiency action plans. That being said, besides other obstacles, the country’s priority target cannot be achieved without an innovative financing resource.

In the past few years, Turkey has experienced a veritable tech miracle. A swath of start-ups, primarily in the gaming and e-commerce sectors, has attracted multi-billion-dollar investments and achieved record valuations. Two companies have even reached decacorn status – a valuation of over USD 10 billion.

Recent decades have witnessed economic turmoil, crises, recessions, inflation surges across the world, and, lately, the long-lasting effects of the pandemic globally. During these downturns, the issue of financial restructuring has surfaced as a key concern of policymakers, financial institutions, and market players.

For the last few years, and especially since the second half of 2021, Turkey has been struggling with an ever-growing financial and economic crisis. Dubbed as one of the “Fragile Five” economies in financial circles, the country has long been seen as a developing economy with a high degree of dependence on foreign investment and US monetary policy, limiting its power to control and contain financial emergencies.

An in-depth look at Nazif Karatas of Nazali Attorney Partnership covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.

Dentons and Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership have advised Dutch Development Finance Corporation's venture capital program FMO Ventures on a EUR 5.5 million subscription for convertible notes and redeemable shares in SolarX. Satis Partners reportedly advised FMO in Mali, Burkina Faso, and Senegal. Ffooks Gokulsing reportedly advised SolarX.

Recently, there have been certain significant developments regarding the data protection practice and some important guidelines have been published by the Turkish Personal Data Protection Authority. Below is an overview on the important points of the relevant developments.

With the Regulation Amending the Distance Contracts Regulation [“Amendment Regulation”] published on the Official Gazette on 23 August 2022, many amendments were introduced to the Distance Contracts Regulation [the “Regulation”] published on the Official Gazette numbered 29188 and dated 27 November 2014. Many of these amendments aim to provide harmonisation with the amended Law no.6563 on the Regulation of Electronic Commerce [the “Law”] on 7 July 2022, and to regulate the liabilities of intermediary service providers in a comprehensive manner.

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Sabanici Ventures and Turkiye Development Fund’s TKYB Sermaye Fonu on their investment in Figopara. Nazali advised L2G Ventures on leading the USD 11 million round. The Gokce Attorney Partnership advised Figopara. Kolcuoglu Demirkan Kocakli advised Logo Yazilim on its investment. Reportedly, BTS & Partners advised Eczacibasi on participating in the round. 

Electricity generation, transmission, distribution, and trade are considered public services by court decisions. The liberal economy policies enforced following the entry into force of the 1982 Constitution also find their place in the electricity market. Accordingly, providing the public services via civil law contracts was made possible with the amendments to the Turkish Constitution in 1999.

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Magic Games on its USD 5 million seed stage investment round, led by Makers Fund. Reportedly, Orrick advised Magic Games as well, and Fladgate LLP advised Makers Fund.

White & Case and Turkish affiliate GKC Partners have advised Enerjisa Enerji Uretim on a USD 102 million export credit agency-backed commercial green financing provided by the HSBC Group. Paksoy and, reportedly, Morgan Lewis advised HSBC.

Discussions on the Law on the Amendment to the Press Law and Some Laws" which is known as the Law on Combating Disinformation among the public and which includes regulations and amendments about social media and internet news sites (“Law Amendment”), was published in the Official Gazette dated 18.10.2022 and numbered 31987.