Dentons and Balcıoğlu Selçuk Ardıyok Keki Attorney Partnership (BASEAK) advised Akfen Holding on its acquisition of approximately 33% of the shares of Akfen Yenilenebilir Enerji from the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC). The acquisition gave Akfen Holding a 100% shareholding in its renewable energy subsidiary Akfen Yenilenebilir Enerji, and marked the end of EBRD and IFC’s long-standing equity investment in the company.

Following this transaction, Akfen Yenilenebilir Enerji’s shares were offered to the public on the Borsa Istanbul (Istanbul’s stock exchange). The IPO reached a volume of TRY 76 billion and was 23 times over-subscribed, making it one of the most successful IPOs in recent years in Turkey.

Established in 1976, Akfen Holding continuously expanded its operations to become one of the most important infrastructure groups in Turkey, developing and investing projects across the country.

Akfen Yenilenebilir Enerji has an installed power portfolio of approximately 700 MWe from domestic and renewable energy sources.

Dentons partner Nadia Cansun (Istanbul) and BASEAK partner Doğan Eymirlioğlu led the transaction, together with senior associate Ayşegül Şifaver and associate Derin Aydın from BASEAK.

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