Esin Attorney Partnership advises Petgaz on asset transfer deal to Ipragaz
Petgaz A.S. transfers its bottled liquefied petroleum gas (LPG) and autogas businesses to Ipragaz A.S. in an asset transfer deal involving two of Turkey's leading LPG companies.
"The deal was challenging due to the highly regulated nature of the autogas industry, and the negotiation and transaction phases lasted for more than a year. We are pleased to have advised on this influential deal in Turkey's LPG industry. We particularly enjoyed working on this deal thanks to the contribution and leadership of Sahin Cihangir Akgul, Petgaz's general counsel," commented partner Duygu Turgut.
A team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International, advised Petgaz A.S. on the asset transfer to Ipragaz A.S. The deal was signed on 20 October 2015 and closed on 7 January 2016.
Partner Duygu Turgut advised Petgaz A.S. with support from associates Ali Selim Demirel, Orcun Solak, Zeynep Pinar Erdem and Gokhan Akcaalan.
Turkey's LPG market is one of the largest in Europe and the world, both in terms of manufacturing and consumption. LPG distribution, import and export in the Turkish market continued to increase in 2015.
According to the Turkish Energy Market Regulatory Authority's (EMRA) reports on Turkey's LPG sector, Aygaz, BP Gaz and Total are among the top players in the market along with Ipragaz. With the asset transfer to Ipragaz and exit of Petgaz, Ipragaz is set to substantially increase its market share.