The phenomena of globalization and heightened international economic competition have led to a growing demand for qualified foreign labor in Turkiye. Especially in recent years, as Turkiye has become a target country for migration, the issue of work permits for foreigners has become a hot topic of employment.
Know Your Lawyer: Okan Demirkan of Kolcuoglu Demirkan Kocakli
An in-depth look at Okan Demirkan of Kolcuoglu Demirkan Kocakli covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.
Turkiye’s Medium-Term Prescription Offers A More Dynamic Business and Investment Environment for The Near Future
Turkiye’s Medium-Term Program (MTP) for 2024-2026 serves as a comprehensive roadmap for aligning the nation with global, regional, and domestic economic indicators and trends. This document delineates key policies aimed at bolstering the Turkish economy, with a particular focus on the policies affecting the business and investment landscape. In this article, we have addressed the most significant elements of this policy that impact the M&A ecosystem in Turkiye.
Turkiye: Upper-Level Managers in Turkish Labor Law
There is no specific definition in the Turkish Labor Code (TLC) for upper-level managers who work at the top management level in companies. Therefore, it is difficult to determine whether they are defined as employees, employers, or an employer’s representatives, and what their rights and obligations are.
Ebru Ince and Harun Gunduz Make Partner at Elig Gurkaynak
Ebru Ince and Harun Gunduz have been appointed as Partners with Elig Gurkaynak Attorneys at Law. The same promotion round also saw Selen Ermanli Sakar and Can Yildirim promoted to Counsel.
Hengeler Mueller Advises Salzgitter on Sale of Participation in Borusan Mannesmann
Hengeler Mueller has advised the Salzgitter Group on the sale of its 23% participating share in Turkiye's Borusan Mannesmann Boru Yatirim Holding to the co-owner Borusan. Paksoy reportedly advised the Salzgitter Group as well.
Aksan Advises PhiTech Bioinformatics on Investment from Maxis Arya Venture Capital Fund
Aksan has advised PhiTech Bioinformatics on receiving an investment from the Maxis Arya venture capital fund.
Istanbul's Tolga Tezel and Prague's Radek Kraus and David Wilhelm Make Local Partner at White & Case
Senior Associate Tolga Tezel and Associates Radek Kraus and David Wilhelm have been appointed as Local Partners at White & Case in Istanbul and Prague respectively. The appointments were part of a broader round – including 23 Local Partners and 22 Counsels – and followed the firm's earlier Global Partner round, which included Prague's Vaclav Zaloudek (as reported by CEE Legal Matters on November 20, 2023).
Egemenoglu Advises Savino Del Bene on Majority Stake Acquisitions in Trans Okyanus and Bogazici Ekspres
Egemenoglu has advised Italian international transport company Savino Del Bene on its acquisition of majority stakes in Turkyie's freight forwarding market players Trans Okyanus and Bogazici Ekspres.
Minimum Capital Requirements for Joint Stock Companies and Limited Liability Companies Have Been Increased
Pursuant to the Presidential Decree on the Increase of the Required Minimum Capital Amount for Joint Stock and Limited Liability Companies numbered 7887 published in the Official Gazette dated 25 November 2023 and numbered 32380 ("Decree"), the required minimum capital amounts set out in the relevant articles of the Turkish Commercial Code numbered 6102 ("TCC") for joint stock and limited liability companies have been increased.
Kinstellar, Gen Temizer Ozer, and KDK Advise on Sale of BP Downstream Business in Turkiye to Vitol
Kinstellar and its Turkish affiliate Gen Temizer Ozer, working with Ashurst, have advised British Petroleum on the sale of its downstream business in Turkiye to Vitol Turkish subsidiary Petrol Ofisi. Kolcuoglu Demirkan Kocakli advised Vitol and Petrol Ofisi on the deal.
Paksoy and Clifford Chance Advise on Ziraat Katilim Bankasi USD 500 Million Issuance of Islamic Bond Certificates
Paksoy has advised Ziraat Katilim Bankasi on a USD 500 million issuance of Islamic bond certificates on Euronext Dublin. Clifford Chance and its Turkish affiliate Ciftici Attorney Partnership advised joint lead managers Dubai Islamic Bank, Emirates NBD Capital, HSBC, and Standard Chartered Bank. Akin Gump reportedly advised Ziraat Katilim Bankasi as well.
BASEAK Advises Mynet Internet on Sale to Mediazz
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised Emre Kurttepeli on the sale of Mynet Internet Teknoloji Anonim Sirketi to Mediazz Yeni Medya ve Teknoloji Yatirimlari Anonim Sirketi. Reportedly, Yondem Yigit Uclertopragi advised Mediazz.
Turkish Constitutional Court Annulled the Regulation Setting a Monetary Limit for Appealability in Administrative Jurisdiction
Turkish Constitutional Court ["TCC"], in its decision no. 2023/36 E., 2023/142 K. published in the Official Gazette dated 13 October 2023, annulled Article 46, paragraph 1, subparagraph (b) of the Turkish Code of Administrative Procedure No. 2577 ["TCAP"], which regulates the appeal in administrative judiciary, by finding it in violation of the Turkish Constitution. The decision will enter into force on 13 July 2024, nine months after its publication in the Official Gazette.
TBP and White & Case Advise Energo-Pro on USD 300 Million Bond Issuance
Eversheds Sutherland member Tsvetkova Bebov and Partners, working alongside White & Case, has advised Energo-Pro on an issue of USD 300 million bonds due 2028. Reportedly, BLC Law Office and GKC Partners advised on the issuance as well while Allen & Overy, Boyanov & Co, and Gedik Eraksoy advised the banks involved.
Cooperation Between the Turkish Competition Authority and the Personal Data Protection Authority
Competition law and data protection law are both regarded as essential parts of digital markets and the digital economy. Although they are two separate disciplines, these disciplines have started to overlap, especially when it comes to digital markets where the economic value of data has started to be discussed in conjunction with the concept of big data.
Gen Temizer Ozer Advises on Zingat Sale to Hepsiemlak
Kinstellar Turkish affiliate Gen Temizer Ozer has advised Property Finder and Zingat on the sale of 100% of Zingat to Hepsiemlak and Property Finder’s subsequent share subscription into Hepsiemlak.
BDK Advokati, Dentons, Deloitte Legal, and NNDKP Advise on Invenio and ACP Acquisition of Link Group's Vocational Education Division
BDK Advokati, Dentons, and Nestor Nestor Diculescu Kingston Petersen have advised Invenio Partners on the segmentation – together with Accession Capital Partners – of the vocational education division of the Link Group. The Antonic law firm in cooperation with Deloitte advised the Link Group and its two shareholders on the sale. Gladei & Partners reportedly advised Invenio as well. Schoenherr and Norton Rose Fulbright reportedly advised ACP.