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Baker & McKenzie Advises Monitise on Turkish Acquisition

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Baker & McKenzie has advised AIM-listed Monitise on the cross-border acquisition of 100% of the issued share capital of Pozitron Yazilim, Turkey's leading mobile money company.  

The deal included a share swap between the parties as well as a deferred consideration mechanism in which Pozitron Yazilim acquired shares in Monitise. The deal was signed and closed on January 31, 2014.

According to a statement released by Baker & McKenzie, Monitise is at the center of today's mobile money movement. Its technology platforms and services are utilized by over 24 million consumers, accounting for USD 50 billon in payments, purchases and transfers annually. Istanbul-based Pozitron was founded in 2000, and has since itself become a key player in Turkey's mobile money space. Pozitron has grown 993% in the past five years and is one of the top 10 fastest growing businesses in Turkey, according to Deloitte.

A team of lawyers from the Esin Attorney Partnership, the Turkish member firm of Baker & McKenzie, and Baker & McKenzie's London office advised on the transaction, including Istanbul-based Partners Ismail Esin and Duygu Turgut and London M&A Partner Peter Strivens. Associates Emir Cami, Orcun Solak, and Asli Caglar in Istanbul and Stefan Kecman in London also provided support.

"This transaction is a milestone for mobile banking services in Turkey. Not only does this deal strengthen Turkey's position as a leader in the global mobile money movement, but it also attests to the vitality of Turkey's local startup scene," commented Istanbul-based M&A partner Duygu Turgut.