Abu Dhabi’s USD 249 billion sovereign wealth fund ADQ announced on 15 October 2024 that it had signed a share purchase agreement to acquire 96% of the share capital of Odea Bank, a Turkish bank with TRY 87.3 billion in assets, from Lebanon’s Bank Audi and other shareholders including the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). The transaction is subject to customary regulatory approvals, particularly from the Turkish Banking Regulation and Supervision Agency and the Turkish Competition Authority.

Paksoy is pleased to announce that a team led by partners Stéphanie Beghe Sönmez and Nazlı Bezirci, along with associates Deniz Benli and Mert Karakaşlar, is acting as Turkish counsel to ADQ in this transaction, with Freshfields serving as global counsel. Paksoy partner Sera Somay and associate Muhammed Kesim are advising on Banking & Finance matters, while partner Togan Turan, together with associates Deniz Benli Kandiyoti and Selen Toma, are handling the merger clearance.

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