Global law firm White & Case LLP advised GMR Infrastructure Limited, an Indian infrastructure company, and its group companies on the sale of their 40 percent stake in Istanbul's Sabiha Gökçen (ISG) International Airport, one of the fastest-growing airports in the world.
The stake was acquired by an affiliate of Malaysia Airports Holdings Berhad (MAHB), an existing shareholder in ISG, for €209 million.
"We worked with GMR to conclude an agreement initially with another buyer but also planned for the exercise of a right of first refusal by the existing shareholders of ISG," said White & Case lead partner Nandan S. Nelivigi. "Ultimately, MAHB exercised its right of first refusal, and the sale closed after receiving approvals from ISG's lenders and government agencies at a great speed in spite of intervening elections in Turkey."
Along with Nelivigi, the White & Case team included partners Sebastian Buss in Istanbul, David Eisenberg and Dipen Sabharwal in London, and Jonathan Olier in Singapore; counsel Amiko Sudo in New York and George Cyriac in Singapore; and associates Luke Bowers and Rian Matthews in London, and Ciara Yeo in Singapore. GMR was advised on Turkish law issues by a team from Çakmak Avukatlik Bürosu, consisting of Naz Bandik, Ayse Eda Bicer, Ozlem Kizil Voyvoda and Hakan Eraslan.
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