Corporate and M&A Team Advises TAV Airports in the Acquisition of Sabiha Gokcen Airport Shares in EUR 285 million Deal

Date: September 2014

Pekin & Pekin’s Corporate and M&A team, led by Kemal Serdengeçti, advised on the acquisition of Istanbul Sabiha Gökçen Airport shares by TAV Havalimanları Holding A.Ş. (“TAV Airports”), the leading Turkish brand in global airport operations, teaming up with a major international law firm. Kemal Serdengeçti and Senior Associate Yegân Liaje spearheaded the effort with other members of the Corporate and M&A team.

In March 2012, Aeroports de Paris (“ADP”) was advised by Pekin & Pekin on its acquisition of 38% of shares of TAV Airports, from Akfen Holding A.Ş. and some other existing shareholders  for USD 874 million.

In late 2013, Pekin & Pekin advised TAV Airports in regards to the (attempted) purchase of shares owned by GMR Infrastructure Limited, GMR Infrastructure Overseas Limited and GMR Infrastructure (Global) Limited at Istanbul Sabiha Gökçen Airport.

At this stage, for a total transaction price of maximum EUR 285 million, TAV Airports shall acquire 40% of shares of Istanbul Sabiha Gokcen Uluslararası Havalimanı Yatirim, Yapim ve Isletme A.S. ("ISG"), 40% of shares of LGM Havalimanı Isletmeleri Ticaret ve Turizm A.S. ("LGM") and 19,6% of shares of Istanbul Sabiha Gokcen Uluslararasi Havalimani Yer Hizmetleri A.S. ("ISG Ground Handling") from Limak Yatirim Enerji Uretim Isletme Hizmetleri Insaat A.S. and Limak Insaat San. ve Tic A.S.. Malaysia Airports MSC Sdn Bhd and Malaysia Airports Holdings Berhad (together, “Malaysia Airports”) are the other main existing shareholders of ISG, LGM and ISG Ground Handling and hold rights of first refusal. Upon the closing of this transaction after having obtained the necessary regulatory and third party approvals, TAV and Malaysia Airports will become partners in Istanbul Sabiha Gökçen Airport and hold equal rights in management.

TAV Airports, one of the world’s leading airport operators, provided services to approximately 652,000 flights and 84 million passengers in 2013.

Istanbul Sabiha Gökçen Airport served to 15.5 million passengers with 32% increase in the first 8 months of 2014 compared to the same period of last year.

 

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Practice Areas: Capital Markets, Corporate/M&A, Corporate/M&A
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