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Paksoy, working with lead counsel Freshfields, has advised Belgium's Solvay S.A. chemical company on the sale of its North American and European amphoteric surfactant manufacturing business, including the tolling business in Turkey, to OpenGate Capital. Morgan Lewis acted as global counsel to Open Gate with Akol providing Turkish advice. 

Akol Law has advised Turkiye Sinai Kalkinma Bankasi A.S. on its 144A/Reg S placement of USD 350 million sustainable Eurobonds with 5-year maturity. Clifford Chance reportedly advised joint bookrunners Bank ABC, BNP Paribas, Citi, Commerzbank, ING, SMBC Nikko, and Standard Chartered Bank.

Paksoy has provided local Turkish assistance to lead counsel Hogan Lovells in advising pharmaceutical supply chain company AmerisourceBergen on the acquisition of the pharmaceutical wholesale business of Walgreens Boots Alliance in several countries, as well as select parts of its international retail pharmacy business, for approximately USD 6.5 billion.

Turkey and the United Kingdom (the United Kingdom of Great Britain and Northern Ireland ) (the “UK”) signed the Free Trade Agreement (the “FTA”) on December 29th, 2020 just before the UK exits European Union (the “EU”). The FTA, which came into force as of January 1st, 2021, ensures special trading terms for UK businesses, which can continue to export and import under preferential tariffs, compared with no agreement.

Former Chief Legal Counsel and Head of Contracts at Havelsan Yavuz Selim Gunay and Ankara Yildirim Beyazit Universitesi Faculty of Law Associate Professor Ersin Erdogan have partnered up to launch Gunay & Erdogan Attorneys-at-Law, a new law firm in Ankara.

On November 18, 2020, the General Court of the European Union (“General Court”) upheld the European Commission’s (“Commission”) decision, in which Letuvos geležnkela AB (“Lithuanian Railway”) (“LG”) was found to have abused its dominant position in the Lithuanian rail freight market by removing a section of a railway track used by its competitors. In its appeal to the General Court, LG had requested that the Commission’s decision be annulled or in the alternative, the amount of the fine be reduced. While upholding the Commission’s decision, the General Court did reduce the amount of the fine imposed by almost a third, taking into account the duration and gravity of the infringement.

The Turunc Law Firm has advised Vinci on an unspecified venture capital investment in the Izmir-based ShipsGo logistics company. Pruva Hukuk was counsel to ShipsGo on the deal.

The Law Proposal on Preventing the Proliferation of Financing Weapons of Mass Destruction (“Proposal”) which provides several and significant amendments to the Law No. 5549 on Prevention of Laundering of Crime Revenues (“Law No. 5549”) has been accepted by the Grand National Assembly of Turkey and is expected to be published in the Official Gazette in the upcoming days with the law number 7262. One of the most remarkable provisions introduced within the Proposal is the amendment to the Law No. 5549 which introduces Know Your Client (KYC) requirements to independent attorneys by way of defining them as one of the “obliged parties”.

The Law No. 7262 on Preventing the Proliferation of Financing Weapons of Mass Destruction was approved by the Turkish Grand National Assembly on December 27, 2020 (“Law No. 7262”). In the general reasoning of the proposal, it is stated that main aim of the law is to fulfill a number of recommendations of FATF (Financial Action Task Force) in several different areas in order to fight against money laundering and financing of terrorism. The Law No. 7262 mandates changes in various laws.

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