Merger clearance for Azimut’s acquisition of Yapı Kredi Portföy and landmark individual exemption for the 15-year distribution agreement

Two key Turkish Competition Board decisions were obtained in connection with Azimut’s acquisition of Yapı Kredi Portföy and the related long-term partnership, addressing important regulatory requirements for the closing of one of the significant foreign direct investments in Türkiye’s asset management industry.

On 10 September 2026, the Board unconditionally cleared the acquisition of sole control over Yapı Kredi Portföy by Azimut.

Then, in its meeting of 15 October 2026, the Board granted an individual exemption under Article 5 of Law No. 4054 to the 15-year Distribution Agreement Preliminary Protocol and the contemplated Distribution Agreement between Yapı Kredi Portföy and Azimut Portföy. The arrangements provide for the distribution of investment products managed by Yapı Kredi Portföy through Yapı Kredi for a period of 15 years and include non-compete and distribution exclusivity obligations, subject to certain exceptions. The individual exemption was granted for the entire 15-year contractual term.

Although the Board has previously assessed distribution arrangements bearing certain similarities to this structure in the bancassurance sector, a long-term distribution relationship of this nature represents a novel arrangement in Türkiye’s portfolio management industry, making this the first individual exemption decision of its kind in the sector.

Paksoy advises Azimut on the competition law aspects of this transaction with a team led by partner Togan Turan, together with associates Oğulcan Halebak, Lara Akça and Mehmet Müezzinoğlu.