Kolcuoglu Demirkan Kocakli has advised the European Bank for Reconstruction and Development in it acquisition of a minority stake of the Turkish port operator Global Ports Holding (GPH) in a move to boost the company’s operations. The Akol Law Office advised GPH (or Global Liman Isletmeleri AS, as it is known in Turkey).
GPH is one of the largest port-operating companies and the largest cruise port operator in the world, with eight ports in five countries in the Mediterranean and Asia Pacific region. It is an arm of Global Yatirim Holding AS (Global Investment Holdings) which operates in the infrastructure, real estate, energy, and financial services sectors in Turkey.
According to the EBRD, “the proceeds of the Bank’s investment will be used to finance the company’s future investments in ports in countries where the EBRD invests. Global Ports’ expansion abroad will promote integration among ports and create network synergies, as well as helping to further consolidate the company’s position in the international market.” The bank also reports that, “an international listing is planned for 2016-18 and is expected to deepen capital market development in the Turkish port and infrastructure sectors, paving the way for other infrastructure companies in the country to list their shares."
As minority shareholder, the EBRD will nominate a member for the board of Global Ports and will help further advance the company’s corporate governance.
Sue Barrett, EBRD Director for Transport, said: “We are pleased to provide an important funding boost to Global Ports as it seeks to expand and broaden its horizons along the Mediterranean before a landmark listing.”
Mehmet Kutman, Chairman of Global Ports, said: “I am honoured to follow the footsteps of the founder of GPH, Gregory Kiez, by welcoming the EBRD as our partner, which will support our expansion plan, especially in the cruise port arena where our company is the leading operator worldwide.”
The EBRD started investing in Turkey in 2009, and it currently operates from offices in Istanbul, Ankara, and Gaziantep. In 2014 Turkey became the leading recipient country of the EBRD, with new investments worth EUR 1.4 billion. To date the bank has invested over EUR 6 billion in Turkey, with close to 160 projects in infrastructure, energy, agribusiness, industry, and finance.
The Kolcuoglu Demirkan Kocakli team was led by Managing Partner Umut Kolcuoglu, supported by Associates Bihter Bozbay and Eylul Topanoglu.
Meltem Akol provided external advice to GPH on the investment.
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