Birsel Law Offices is well-regarded in Turkey as a strong domestic firm. In particular, the team is noted for its work in the banking and project finance sectors. In these areas, it is considered to be a very strong option, capable of challenging some of the leading firms in the market in securing mandates.
“We have worked with Birsel on a financial services related matter” says one international partner. “They worked very efficiently and were very cooperative. We had arranged for a format, which they used which was very useful even though they have a different law system than we have in Western Europe. Our client was very happy with the result. Birsel made it easy for them to compare jurisdictions.”
One matter the banking team worked on during the research period saw Begüm Durukan Özaydın leading a team advising the Korean Infrastructure Asset Management Company, the Global Infrastructure Fund and Nonghyup Bank as Turkish counsel in connection with the mezzanine financing granted by them to Acwa Güç Elektrik İşletme ve Yönetim Sanayi ve Ticaret. Özaydın was also in charge as the team acted for Enka Pazarlama İhracat İthalat in connection with three separate loan agreements for the extension of a total of ¥10 billion by the Japan Bank for International Cooperation (JBIC) and subsequently for Enka Insaat Sanayi in connection with a guarantee granted to the JBIC in relation to those loans.
On the capital markets side of things, Özaydın is also very active, advising a number of international clients on the Turkish law aspects of their work. This includes assisting Bank of America Merrill Lynch on OTC derivatives and commodity trading concerning energy products, in particular oil and LNG; the Chicago Mercantile Exchange on potential marketing strategies for its products and other regulatory matters; and ICAP Electronic Broking regarding certain OTC derivatives and spot FX and precious metal trading via an electronic trading system.
The M&A team has been working on a number of different matters during the research period, including advising GKN and GKN Aerospace Services on the Turkish aspects of its acquisition of the Fokker Technologies Group, a Dutch aerospace company, from Arle Capital Partners. The firm also assisted the shareholders of Bag Yagları Sanayi ve Ticaret in the proposed sale of 25% of their shares for $30 million to the Seaboard Corporation, a global food, energy and transportation company.