Highlights of our recent M&A matters

January 2021

CIFTCI Law Firm recently advised Turkey Wealth Fund (TWF), in relation to the sale of its minority shares in Borsa Istanbul, a Turkey-based stock exchange, to Qatar Investment Authority (QIA).

TWF is the sovereign wealth fund of Turkey, established in 2016 with the main objectives of increasing the value of the state-owned assets in its portfolio and contributing to Turkey’s strategic investments.  QIA is the sovereign wealth fund of the State of Qatar, founded in 2005 to invest and manage the state reserve funds, and being among the largest and most active sovereign wealth funds globally.

The transaction is a demonstration of foreign direct investment in Turkey during the COVID-19 pandemic and global economic challenges.  

Our Corporate/M&A partner Itır Çiftçi led the deal together with Senior Associate Umut Özdoğan in relation to Turkish law aspects.

CIFTCI Law Firm advised CVC on acquisition of D-Marin's businesses in Turkey, Greece, Croatia and the UAE

CIFTCI Law Firm advised the private equity group CVC Capital Partners on the acquisition by CVC Fund VII of the Turkish businesses of D-Marin, an operator of premium yacht marinas, from Turkish conglomerate Doğuş Group.

D-Marin currently operates Didim, Göcek and Turgutreis marinas in Turkey. Founded in 1981, CVC is one of the world's leading private equity and investment advisory firms, with US$109.1 billion of assets under management.

Our Corporate/M&A partner Itır Çiftçi led the team advising on the deal in relation to Turkish law aspects.

CIFTCI Law Firm, advised EtiBakır Turkey’s largest mining and metallurgy group's shareholders, in the acquisition of UK based inorganic cobalt and nickel chemicals producer ICoNiChem from GIL Investments.

ICoNiChem produces inorganic salts of cobalt and nickel, which are used in a range of industrial processes. Its revenues are almost all generated from overseas, with around 40% coming from Europe and nearly 60% from the rest of the world. Turkish mining group Eti Bakir has bought £75m-turnover chemical company ICoNiChem, giving it control of both the mining and processing operations. The combination of the two companies will now allow Eti Bakir to both mine and now process its cobalt for sale to end customers and Eti Bakir's strategic move will help ICoNiChem to attain growth.

Our Corporate/M&A partner Itır Çiftçi led the deal and was assisted by Senior Associate Deniz Göcük in relation to Turkish law aspects.