Herguner Bilgen Ucer has advised the TaiwanCement Corporation on its indirect acquisition of an additional 20% equity interest in OYAK Cimento Fabrikalari as part of a wider low-carbon cement investment transaction.
According to TaiwanCement, "with a total amount of EUR 621 million, TCC becomes one of the main suppliers of low-carbon cement in Europe after increasing its stake in Turkey by 20% and in Portugal by 60%, and holds a total of 60% in the 'Joint Venture Company of Turkish Cement Assets' and 100% in Cimpor Portugal."
According to Herguner Bilgen Ucer, the transaction makes TCC OYAK Cimento Fabrikalari's majority shareholder and strengthens its presence in the Turkish market.
"Since 2018, TCC has partnered with OYAK through a joint venture company. Over the past five years, the joint venture company's net profit has grown sixfold, continuously contributing to TCC's revenue. As of now, the joint venture company has also accumulated 2.37 million tons of carbon credits in Europe," TCC reported. "The high carbon price in the EU, coupled with the recently revised Energy Performance of Buildings Directive which mandates that all new public buildings in EU member states must be zero-carbon by 2026 – and this requirement extends to all new private buildings by 2028 – has led to a year-on-year increase in demand for low-carbon cement."
The Herguner Bilgen Ucer team included Senior Partner Umit Herguner, Partner Deniz Tuncel, Senior Associates Tolga Ipek and Bora Baskurt, and Associate Batuhan Kocabas.
Herguner Bilgen Ucer did not respond to our inquiry on the matter.
