Baker McKenzie and Esin Attorney Partnership advised IC İÇTAŞ İnşaat Sanayi ve Ticaret A.Ş. ("IC ICTAS") on the sale of 51% of its interest in ICA IC İÇTAŞ ASTALDI Üçüncü Boğaz Köprüsü ve Kuzey Marmara Otoyolu Yatırım ve İşletme A.Ş., making it the largest Chinese outbound investment in Turkey in 2019. The completion of the transaction remains subject to closing conditions.
Under the terms of the agreement, IC ICTAS and the Chinese consortium will be undertaking the financing, design, construction, operation, and all maintenance and repair of the Northern Marmara Motorway Odayeri-Paşaköy Section (including the Third Bosphorus Bridge) located in Istanbul, Turkey.
IC İÇTAŞ İnşaat Sanayi ve Ticaret A.Ş. is the flagship company within IC İbrahim Çeçen Yatırım Holding A.Ş. It is one of the leading construction and concession investment companies in Turkey, which focuses on PPP projects in partnership with international counterparties and leading financial institutions, and has completed projects including highways, bridges, airports, seaports, marinas, high-speed train projects, high-capacity power plants, smart buildings, trade centers, tourist facilities, irrigation systems, public buildings, mass housing projects, health facilities, and universities and schools in Turkey, Russia, Middle East, Eastern Europe, and USA .
The consortium is composed of China Merchants Expressway Network & Technology Holdings Co., Limited; China Merchants Union (BVI) Limited; Jiangsu Expressway Company Limited; Zhejiang Expressway Co. Limited; Anhui Expressway Company Limited; and Sichuan Expressway Co., Limited.
This cross-border transaction was led by Partner Ismail Esin, together with Partner Caner Elmas and Associate Mehmetcan Atasoy, all of whom are with Baker McKenzie's member firm Esin Attorney Partnership in Istanbul. The team was assisted by Partner Tracy Wut and Associate Lily Liu of Baker McKenzie in Hong Kong and Partner Maggie Chen of Baker McKenzie FenXun (FTZ) Joint Operation in Shanghai.
Commenting on the deal, Ismail said, "We are delighted to have assisted IC ICTAS on this significant deal. This transaction plays to our strength in drawing on our local and international M&A capabilities to assist our client in negotiating and implementing complex transactions."