Chadbourne & Parke represented the Privatization Administration of the Republic of Turkey in connection with its sale of a 23.9% stake in Türkiye Halk Bankası A.Ş. via a secondary public offering including a Rule 144A/Regulation S global equity offering.
The transaction was the largest public offering on the Istanbul Stock Exchange to date (whether or not through a privatization), with proceeds in excess of $2.5 billion.
Eighty percent of the offered shares were sold to international investors and twenty percent of the offered shares were sold to domestic investors.
Halkbank is the sixth largest bank in Turkey in terms of total assets, according to the Banks Association of Turkey. Halkbank had asssets in excess of $102 billion as of September 30, 2012.
The Chadbourne team on the deal consisted of lawyers from the New York, London, and Istanbul offices. The lawyers included corporate partners Ayşe Yüksel, Claude Serfilippi and Charez Golvala and associates Turgut Cankorel and Henry Andreae, as well as tax partners William Cavanagh and Taylan Baykut and associate Richard Wright.
