On 22 June 2023, Salzgitter Mannesmann GmbH, an international steel production company, has signed a share transfer agreement to transfer its 23% shareholding in Borusan Mannesmann Boru Yatırım Holding A.Ş. (BMBYH) to its long-standing majority joint venture partner, Borusan Holding A.Ş for €52.8 million (“Transaction”). BMBYH is the majority shareholder, holding 73.48%, of its publicly listed subsidiary Borusan Mannesmann Boru Sanayi ve Ticaret A.Ş. (BRSAN) trading at Borsa Istanbul.

Completion of the Transaction is subject to certain conditions precedent, such as obtaining various regulatory approvals including that of the Turkish, Polish and German Competition Authorities and Turkish Capital Markets Board.

Paksoy is pleased to announce that in this Transaction, it has acted as the Turkish counsel to Salzgitter Mannesmann GmbH alongside Hengeler Mueller.

Paksoy team was led by Elvan Aziz (partner) on the corporate/ M&A side and Ömer Çollak (partner) on the capital markets side. The team also includes Sansal Erbacioglu (partner, heading tax and fiscal services), as well as senior associate Asli Eryilmaz and associate Irem Deyneli from the corporate department. Togan Turan (partner) and Busra Akture (senior associate) will be handling the competition aspects of the Transaction.