Paksoy has advised the Ageas insurance company on its acquisition of a 40% stake in Turkey's AvivaSA life insurance company, from British insurance group Aviva, for approximately GBP 122 million. The transaction, which is expected to close this year, remains subject to regulatory approval.
Marketing Law Firm Marketing: Most Valuable Software Tool
New technologies are all the rage, as law firms adapt to the telecommuting and digitalization realities that accompanied the Covid-19 pandemic. Accordingly, we decided to ask our Law Firm Marketing experts from across the region a simple question: “What is the single most important/valuable piece of software you use?” As always, we asked respondents to focus on the question at hand, rather than – as we put it – using the question simply as an excuse to “tell us that their firms are awesome.” Not everyone was able to resist.
Turunc Advises Bogazici Ventures on USD 500,000 Investment in Barakatech
Turunc has advised Bogazici Ventures on its USD 500,000 investment in Barakatech.
Turkish Data Protection Board’s Expectations on Compliance: Recent Decisions
The Turkish Data Protection Board (“Board”) has recently published summaries of several important decisions on certain matters, which may constitute precedents for future cases. All of the decisions below are published on the Data Protection Authority’s website on February 12, 2021.
The Long-Running Battle: Limitations of Liability in M&A Transactions
Allocation of liabilities between the parties in merger and acquisition (“M&A”) transactions is of utmost significance, in order to ensure that the buyer will be sufficiently protected, and the seller’s liabilities limited as much as possible. Under Turkish laws, the sellers` liabilities are subject to the provisions of the Turkish Code of Obligations No. 6908 (“TCO”). Having said this, Turkish laws are not designed to save commercial parties from a bad bargain, thus the parties often resort to adding certain clauses to their share purchase agreements (“SPA”) such as representations and warranties, indemnities, amount-based restrictions such as de minimis and baskets clauses, setting forth specific procedures and time limits for claims, and so on. Accordingly, this article aims to provide a general understanding as to the sellers’ liabilities in M&A transactions, the general liability provisions most commonly used in SPAs, and how they are dealt with under the Turkish laws.
Sait Eryilmaz Makes Partner at Clifford Chance in Turkey
Sait Eryilmaz, Head of Banking & Finance at Clifford Chance Turkey, has made Partner.
BASEAK and the Esin Attorney Partnership Advise on Sale of Kumas Manyezit Sanayi to Eregli Demir ve Celik Fabrikalari
The Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Yildiz Holding A.S. and Gozde Girisim Sermayesi Yatirim Ortakligi A.S. on the sale of their 100% stake in Kumas Manyezit Sanayi A.S., a producer and seller of customized refractory products, to Eregli Demir ve Celik Fabrikalari T.A.S. The Esin Attorney Partnership advised the buyers on the deal.
Kinstellar Helps Medicor Invest in Production Facility in Turkey
Kinstellar has advised Hungarian medical device manufacturer Medicor on its EUR 2 million investment in the construction of an incubator-production facility in Ankara, Turkey.
Asli Tezcan Returns to Acar & Ergonen
Former Esin Attorney Partnership Attorney Asli Tezcan has rejoined Acar & Ergonen.
Omer Sirin Promoted as Head of Legal at Credit Europe Bank
Credit Europe Bank has made Turkish lawyer Omer Sirin its Head of Legal.
Bengi Su Karakoylu Becomes Head of Legal at Temsa
Bengi Su Karakoylu has joined Temsa as the company’s Head of Legal.
BTS & Partners and Kavlak Advise on Twozero Ventures' Investment in Pubinno
BTS & Partners has advised Twozero Ventures on its USD 1 million investment in Pubinno. Kavlak advised Pubinno on the deal.
YYU Legal and KP Legal Advise on Birlesik Odeme’s sale to Oyak Portfoy
YUU Legal has advised the shareholders of Birlesik Odeme Hizmetleri ve Elektronik Para A.S., including the founding shareholders and Finberg Arastirma Gelistirme Danismanlik Yatirim Hizmetleri Anonim Sirketi, a subsidiary of Fiba Holding, on the sale of a majority stake in Birlesik Odeme to Oyak Portfoy Yonetimi A.S. Ucuncu GiriSim Sermayesi Yatirim Fonu, which was advised by KP Legal.
Clifford Chance Advises Tpay Mobile on Financing for Acquisition of Payguru
Clifford Chance has advised Tpay Mobile, a full-service digital payments platform for the Middle East, Africa, and Turkey, on its receipt of financing from an unnamed institutional investor for its acquisition of Payguru, a Turkish payment service provider.
Turkey Tightens Internet & Social Media with New Rules
A number of fundamental changes were made in the Law No. 5651 on "Regulating Broadcasts Made on the Internet and Combating Crimes Committed Through These Broadcasts (Legislation)", came into force on 22/05/2007, with the Law No. 7352 on "Regulating Publications on the Internet and Combating Crimes Committed Through These Publications" (Amendment), which was published in the Official Gazette on July 31, 2020, which is called the Social Media Law in the press.
Melis Oget Koc Makes Partner at Kolcuoglu Demirkan Kocakli
Former Managing Associate Melis Oget Koc has been promoted to Partner at Kolcuoglu Demirkan Kocakli.
Akol Law Advises Isik Plastik on IPO on Istanbul Stock Exchange
Akol Law has advised Turkish plastic injection and original equipment manufacturer production company Isik Plastik on its initial public offering with the Istanbul Stock Exchange - Borsa Istanbul.
Paksoy and Cigdemtekin Cakirca Aranci Advise on Acquisition of Turkish Power Plant
Paksoy has advised Albioma and Cigdemtekin Cakirca Aranci has advised Egesim on their acquisition of 75% and 25%, respectively, of Turkish geothermal power plant Gumuskoy, from BM Holding.