GKC Partners and White & Case have advised the Qatar Investment Authority on its acquisition of a 10% stake in the Borsa Istanbul stock exchange from the Turkey Wealth Fund, which retains an 80.6% stake. Clifford Chance and the Ciftci Law Firm advised the Turkey Wealth Fund on the transaction.
Turkey Introduces New Transfer Pricing Documentation Rules In Line with BEPS Action Plans
In 2015 the Organization for Economic Cooperation and Development created 15 base erosion and profit shifting (BEPS) action plans to equip governments to address tax avoidance by means of domestic and international rules and instruments. The purpose of the action plans is to ensure that profits are taxed where economic activities generating the profits are performed and where value is created.
Bayer Hires Yigit Issever as Legal Counsel in Istanbul
Yigit Issever has joined Bayer as Legal Counsel and Pharmaceuticals and Radiology Business Partner in Istanbul.
Durukan+Partners, ASC Law, Herguner Bilgen Ozeke, White & Case, and Kabine Law Advise on Landmark Turkcell Restructuring
Istanbul's Durukan+Partners and Skadden Arps have advised LetterOne on the recent restructuring of Turkcell’s shareholding structure. Milbank and Turkey's Aksu Caliskan Beygo Attorney Partnership advised the Turkey Wealth Fund and Ziraat Bank, Sullivan & Cromwell and Herguner Bilgen Ozeke advised Telia Finland, and White & Case and the Kabine Law Firm advised Cukurova on the deal.
Paksoy Advises Volex on Acquisition of De-Ka Elektroteknik
Paksoy has advised Volex on its entrance into a EUR 61.8 million share purchase agreement for the acquisition of the entire issued share capital of DE-KA Elektroteknik in Turkey. Caliskan Okkan Toker reportedly advised the seller on the deal.
Allen & Overy Announces New Regional Managing Partner for Middle East and Turkey
Abu Dhabi-based Partner Khalid Garousha has been appointed the new Regional Managing Partner for the Middle East and Turkey at Allen & Overy, succeeding Ian Ingram-Johnson who has held the position since November 2016.
Paksoy Serves as Turkish Counsel to Shearman & Sterling on Telus International's Acquisition of Lionbridge AI
Paksoy served as Turkish counsel to global counsel Shearman & Sterling on its provision of advice to Canada’s Telus International on the USD 935 million acquisition of Lionbridge AI. Kirkland & Ellis acted as legal advisor to Lionbridge AI.
Apak Uras Advises Teknoser on Acquisition of Fujitsu Technology Solutions Bilisim
Apak Uras Law Firm has advised Teknoser on its acquisition of 100% of the shares of Fujitsu Technology Solutions Bilisim from shareholders Fujitsu Technology Solutions GmbH and Fujitsu Technology Solutions Holding B.V.. Balcioglu Selcuk Ardiyok Keki Attorney Partnership advised the sellers on the deal.
Burak Yesilaltay Joins Google in Turkey
Former ELIG Attorneys-at-law Associate Attorney Burak Yesilaltay has joined Google as Legal Counsel.
Turkish DPA's Announcement on Cross-Border Data Transfers
Turkish Data Protection Authority (“DPA”) published an announcement in October 26, 2020 regarding cross-border data transfers. The purpose of the announcement seems to be providing a general response and the Turkish DPA’s views to the criticism and feedback received from private sector and academic institutions regarding the difficulties in cross-border data transfers.
Kinstellar Re-Launches Restructuring and Insolvency Practice
Kinstellar has re-launched its Restructuring and Insolvency practice, with the new iteration to be co-led by Csilla Andreko, Head of Kinstellar's Banking & Finance practice, and Denise Hamer, Kinstellar Head of C/SEE Asset Solutions.
Baker McKenzie and Esin Attorney Partnership Advise on Ulker Biskuvi Sanayi’s Eurobond Issuance
Baker McKenzie’s London office and The Esin Attorney Partnership in Istanbul have advised joint global coordinators Bank of America and J.P. Morgan, joint lead manager HSBC, and co-managers Radobank and Renaissance Capital on Ulker Biskuvi Sanayi's issuance of USD 650 million Eurobonds due 2025. White & Case advised the issuer on the deal.
BASEAK Advises Sabanci Holding and PPF Group on Acquisition of Temsa in Turkey
The Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Sabanci Holding and the PPF Group on the acquisition by each of a 50% stake in Temsa Ulasim Araclari Sanayi ve Ticaret Anonim Sirketi.
Ali Ilicak Joins Cetinkaya as Partner and Head of Competition and Economics
Ali Ilicak has joined Cetinkaya in Istanbul as Partner and Head of the firm's Competition and Economics practice.
Expat on the Market: Interview with Stephanie Beghe Sonmez of Paksoy
An interview with Stephanie Beghe Sonmez of Paksoy, about her path from France to Turkey.
Inside Out: Turkey’s First Unicorn
On June 3, 2020, CEE Legal Matters reported that White & Case and its associated Turkish firm, GKC Partners, had advised interactive entertainment company Zynga Inc. on its USD 1.8 billion acquisition of Istanbul-based mobile gaming company Peak Oyun Yazilim ve Pazarlama, A.S. Baker McKenzie, working with its Turkish affiliate, the Esin Attorney Partnership, advised Peak on the transaction, which represented the largest acquisition of a start-up in Turkey to date, and makes Peak the country’s first “unicorn.” Dentons, along with its affiliate Balcioglu Selcuk Ardiyok Keki Avukatlik Ortakligi, advised selling shareholder Hummingbird Ventures CVA, Abcoo advised Peak Founder and CEO Sidar Sahin, the Verdi Law Firm advised selling shareholders Earlybird Verwaltungs GmbH, Evren Ucok, and Demet Suzan Mutlu Ucok, and BTS & Partners advised selling shareholder Endeavour Catalyst.
Turkish Banking Sector 2020
The year started with expectations of growth and stability. Along came COVID-19, and the focus shifted to stability and survival. The Turkish banking sector, used to market turmoil, took proactive steps, and the authorities matched the effort.
Automatic Exchange of Information in Tax Matters
As national borders lose their importance when it comes to capital mobility, tax revenues have decreased significantly and tax avoidance has become a matter of common concern for countries. Therefore, exchange of information in tax matters has become one of the most important topics on the agenda of countries and international organizations in recent years.