The office of international firm Salans in Turkey, Özel & Özel is another long-standing firm that offers a depth of experience in the market. Despite enjoying a steady year, which sees its tier placings held, partners do remark that the firm has fallen off the radar a little in M&A....
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The office of international firm Salans in Turkey, Özel & Özel is another long-standing firm that offers a depth of experience in the market. Despite enjoying a steady year, which sees its tier placings held, partners do remark that the firm has fallen off the radar a little in M&A.
"I really don't see Özel & Özel in M&A, I wonder if they are active at all," comments one peer. The corporate team was not helped by the departure of partner Ekin Gokkilic to YükselKarkinKüçük at the end of 2010 either.
Despite this, the M&A team did have some good deals this year, including a team led by Selim Keki advising OMV in its €1 billion purchase of 54.1% of Petrol Ofisi, the largest petrol retailer in Turkey. OMV previously held 41.58% of the company and with this stake will take its holding to 95.75%. The deal represents one of the largest M&A deals in the market in 2010.
A team led by Haluk Can Özel is also advising the Privatisation Administration of the Republic of Turkey on an ongoing basis regarding the selling of state-owned electric generation facilities, including 56 micro hydroelectric, 18 thermoelectric and 27 hydroelectric power plants.
In banking, a highlight deal saw Özel advise Bainbridge Holding on the refinancing of an outstanding loan of $240 million, in addition to obtaining a further $25 million term loan facility from Akbank.
Elsewhere, the projects team did some tidy mid-market deals, including advising the European Bank for Reconstruction and Development (EBRD) on the provision of a €45 million loan to the Continental Confectionary Company Gida Sanayi.
In the markets, Kaan Saadetlioglu led a team advising Lider Faktorking Hizmetleri, a company that provides financing of receivables, on its €25 million domestic and international bond offerings listed on the Istanbul Stock Exchange.
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