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Global law firm Clyde & Co has advised Qatari port operator QTerminals on the sale and purchase agreement for the acquisition of 99.99% of Akdeniz Port in Turkey from Global Ports Holding (GPH), the world's largest independent cruise port operator.
Clyde & Co acted as international deal counsel and collaborated with Turkish counsel Kolcuoglu Demirkan Koçaklı (KDK) to represent QTerminals at all stages of the transaction, including drafting and negotiating the key transactional documents.
Located in Antalya, Akdeniz Port is a leading commercial cargo export port in Turkey, currently specialising in handling cargo containers and general and bulk cargo destined for global markets including those in Asia and the Middle East. Including QTerminals’ flagship Hamad Port in Qatar, its recent 35-year concession for the management and operations of Olvia Port in Ukraine, this acquisition in southern Turkey represents the third port asset in QTerminals portfolio.
Subject to the Turkish Competition Authority’s (Rekabet Kurumu) clearance and several other Conditions Precedent, the acquisition of the port is expected to complete in the coming months.
Lee Keane, Corporate Partner at Clyde & Co in Doha, added: "The acquisition of the port will represent a significant development for QTerminals and its entrance into the Turkish market. This transaction also confirms the solidity of cross-border investments between Middle East and other jurisdictions and should generate further opportunities across the wider region."
Roshanak Bassiri Gharb, Corporate Senior Associate at Clyde & Co, stated: "After advising on the concession agreement for Olvia Port earlier this year, we are thrilled to have supported QTerminals in a new strategic project. This is an important development for their internationalisation plans and should further its position as one of the leading port operators in the world."
Neville Bissett, CEO of QTerminals, commented: “Akdeniz Port is an important milestone for us and a strategic starting point for our expansion into Turkey. We are committed to developing and operating the Port to the highest levels of efficiency and safety. We are grateful to our legal advisors Clyde & Co and KDK for their excellent service, advice and guidance on this acquisition.”
The Clyde & Co team was led by Roshanak Bassiri Gharb and Lee Keane.
Clyde & Co’s Middle East team has been building deep maritime infrastructure and projects market knowledge for nearly 30 years. It is the only international practice with dedicated shipping, international trade and transportation lawyers on-the-ground, advising on transactional, disputes and insurance matters across the entire Middle East region.
Clyde & Co has the largest presence and is one of most experienced international law firms in the Middle East with over 40 partners and 400 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Muscat* in Oman and Riyadh in Saudi Arabia. The firm supports international investors and local organisations throughout the wider region with a full-service offering of local specialists across most business sectors and areas of law, including commercial, corporate, dispute resolution, employment, intellectual property, international arbitration, finance & banking, insurance, projects & construction, real estate, regulatory & investigations, and technology.