On January 4, 2024, Boyanov & Co announced that the EUR 1.4 billion sale of Cargo-Partner subsidiaries to Nippon Express (reported by CEE Legal Matters on May 17, 2023) had closed.

With its announcement dated 10.01.2024, the Competition Authority imposed an administrative fine of TL 4,796,152.96  per day (on the basis of its gross revenues in 2022) on META Economic Unity commencing from 12.12.2023 until the Final Compliance Remedy is submitted to the Competition Authority. 

Former Senior Associate Tugba Aksoy Bozkurt has become a Partner at the Ergun Law Offices in Istanbul.

Baker McKenzie and its Esin Attorney Partnership affiliate have advised a club of banks including ING Bank, ING Bank Singapore, Bank of China Limited Beijing, the Development Bank of Kazakhstan, Halyk Bank, and AB Bank of China Kazakhstan on the USD 286 million financing of the development a soda ash production facility by the Yildirim Group in Kazakhstan. Morgan Lewis & Bockius reportedly advised the Yildirim Group.

Aydemir Consultancy Legal, working with Toda & Nel-Lo, has advised Tosyali on its acquisition of STS from Baika Steel Tubular Systems. Arruti Abogados advised the sellers.

The Communiqué No. 2010/4 (the "Communiqué") requires approval of the Competition Board (the "Board") on mergers, acquisitions and privatisation transactions that fall within its scope in order for those to be legally valid. The Turkish Competition Authority releases data relating to transactions requiring the Board’s clearance and examines those transactions in an annual report. In this respect, the transactions reviewed by the Board in 2023 were disclosed to public on January 5, 2024 through the Mergers and Acquisitions Overview Report (the "Report") [available in Turkish only].

Paksoy has advised Borusan Lojistik on its USD 33.2 million loan from the European Bank for Reconstruction and Development.

Baker McKenzie has advised Fairfax Financial Holdings Limited on its acquisition of KIPCO's 46.32% stake in the Gulf Insurance Group for approximately USD 860 million.

In The Inside Track, General Counsels across CEE share the nuances of their roles, challenges, and strategies for success. Given the importance of relationships between in-house legal departments and law firms, this time we asked GCs: What is the most common reason for which you cease working with a specific law firm and what would you suggest firms definitely do to ensure they do not make the same mistake?

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With 2023 marching to an end, we looked ahead and asked about strategies for next year: As the budgeting period is around the corner, compared to 2023, what are the main budgeting lines you expect to increase for 2024 and why?

Mergers and acquisitions (M&A) transactions are both legally and logistically complex. Tax planning is one of the key aspects in nearly all M&A transactions, especially in cross-border deals, as it can help to minimize the tax burden on both the buyer and the seller. Recent developments in Turkish tax law have introduced some new considerations for those transactions. In particular, the taxation of share premium and the end of tax-exempt corporate spin-off for immovable property will have a significant impact on M&A tax planning, potentially increasing the tax burden for the parties.

Turunc has advised Bogazici Ventures on its investment in Buddy Performance. SCH Legal advised Buddy Performance.

Following the Constitutional Court’s (“TCC”) decision annulling the monetary limits for appeal in administrative jurisdiction, the TCC has annulled the regulation that no appeal can be filed against decisions on cases of tax and full remedy and actions of annulment of administrative acts, the subject matter of which does not exceed five thousand liras, as well as the regulation regarding the revaluation of monetary limits. The decision will enter into force on September 21, 2024, nine months after its publication in the Official Gazette.

Linklaters has advised Turkiye Ihracat Kredi Bankasi on its equity investment in the Africa Finance Corporation, the pan-African infrastructure-focused multilateral financial institution.

The Regulation Amending the Regulation on Principles and Rules to be Applied in Retail Trade ("Amending Regulation") published in the Official Gazette dated December 14, 2023, and numbered 32399, introduced certain amendments to the Regulation on Principles and Rules to be Applied in Retail Trade published in the Official Gazette dated 06.08.2016 and numbered 29793. These mainly cover (i) unfair commercial practices in the supply chain and (ii) payments related to commercial activities between the producer, supplier, and retail business.

Lexist, working with King & Spalding, has advised the Aydin Group on the sale of a 20% shareholding in the TOM financial group of companies – including a digital participation bank, licensed e-money and payment services company, and a licensed financing company – to the Dubai Islamic Bank. Norton Rose's Dubai office and its Turkish affiliate Pekin Bayar Mizrahi reportedly advised the DIB.

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised Laton Ventures on its investment in Sequel Games. 

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised Revo Capital on its investment in Roamless.