STB Represents KKR in First $1 billion Buyout in Turkey
10.11.07
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The Firm is representing Kohlberg Kravis Roberts & Co. on its acquisition of U.N Ro-Ro Isletmeleri A.S. and its affiliates U.N Deniz Tasimaciligi A.S., U.N Deniz Isletmeciligi A.S. and U.N Gemicilik Sanayi ve Ticaret A.S in a transaction valued at €910 million. This is the first-ever private equity sponsor-led buyout in Turkey with a value in excess of $1 billion.
U.N Ro-Ro is an intermodal transport operator serving truckers and exporters between Turkey and Europe and currently owns 9 ro-ro (roll-on roll-off) vessels calling at the ports of Pendik and Ambarli in Istanbul and the port of Trieste in Italy. U.N Ro-Ro transports 37% of the truck traffic between Turkey and Europe. The financing for the acquisition was arranged by Garanti Bankasi and Turkiye Is Bankasi, both major Turkish banks. In addition, KfW has committed to provide new ship financing. Closing of the transaction is subject to regulatory and other customary conditions and is expected to occur before year end.
Lawyers involved in the transaction include Mark Pflug, Wheatly Aycock and Trihn Le (M&A), Tony Keal, Lucy Young, Kate Mulligan, Janeille Matthews and Jon Farkas (Credit), Jonathan Parker and Alastair Mackay (Antitrust), and Meredith Jones and Jen Marsh (Tax).