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Yegin Ciftci Attorney Partnership and Ak Law Advise on Financing for and Privatization of TP Petrol Dagitim

Yegin Ciftci Attorney Partnership and Ak Law Advise on Financing for and Privatization of TP Petrol Dagitim

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The Yegin Ciftci Attorney Partnership has advised Turkiye Is Bankasi (Isbank) and Turkiye Sinai Kalkinma Bankasi (TSKB), Turkey’s first privately-owned development and investment bank, on financing provided to Turkuaz Petrol Urunleri A.S. for its acquisition of TP Petrol Dagitim, the fuel retailing branch of Turkiye Petrolleri, Turkey´s state-owned oil and gas firm. The Ak Law Firm represented Turkuaz Petrol Urunleri (a subsidiary of Zulfikarlar Holding A.S.) on its successful bid for TP Petrol Dagitim.

Yegin Cifti Attorney Partnership (YCAP) describes TP Petrol Dagitim (TPPD) as "one of the largest Turkish petroleum distribution company in the fuel distribution sector by means of market share," and says that it "currently owns approximately 400 distribution agents, seven fuel storage facilities in strategic locations with 333,000 cubic meter capacity, and two LPG filling facilities."

YCAP reports that "on December 28, 2016, Zulfikarlar Holding ... was awarded the tender as the highest bidder with TL 490,000,000 for privatization of TP Petrol Dagitim."

The financing agreements were signed on March 27, 2017. The Privatization Administration of the Republic of Turkey and Turkuaz Petrol Urunleri, an affiliate of Zulfikarlar Holding, signed the share transfer agreement and 100% of the shares in TP Petrol Dagitim were transferred to Turkuaz Petrol Urunleri on April 4, 2017.

The Yegin Ciftci team included Partner Mete Yegin, Counsel Gozde Cankaya, and Senior Associate Irem Su.

According to Tayga Ak of the Ak Law Firm, who led his firm's team, "it was a deal with a specific deadline and our team worked around the clock to finalize the due diligence, the share purchase agreement, and the financing package. With the acquisition TPPD  has become one of the biggest players in the petroleum distribution sector."

In addition to Ak, the Ak Law Firm team included Partners Isil Okten and Onur Yalcin and Of Counsel Partners Refika Tuzun.