Büyükdere Cad. No:191
Apa Giz Plaza, Floor 17
34330 Levent, Istanbul,
Turkey

+90 (212) 386-1323
tcankorel@chadbourne.com

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Turgut Cankorel

Associate

Practice Description

Turgut Cankorel's practice focuses on cross-border corporate transactions. His experience in New York includes representing clients in public and private mergers, acquisitions and divestitures, going private transactions, tender offers, debt financings, minority investments, joint ventures, and restructurings. He has also counseled clients on a range of corporate, securities and governance matters.  His sectoral focus has been on the energy, telecom, hedge fund and retail sectors, predominantly in the U.S. and Turkish markets.

Representative Matters

M&A and Finance

  • Represented the International Finance Corporation (IFC) in connection with a €2 million indirect equity investment and a TRY 20 million corporate loan to Turkish software developer Logo Yazılım A.Ş. Financing partners included Mediterra Capital Partners, a closed-end private equity fund into which IFC invested in 2012, through EAS Solutions S.à.r.l, a holding company incorporated in the Grand-Duchy of Luxembourg.
  • Represented GLG Partners, Inc., a NYSE-listed global asset manager, in its $1.6 billion going-private acquisition by U.K.-based Man Group plc, a LSE-listed hedge fund, through a concurrent merger and stock exchange transaction. The transaction was reported to be the largest ever cross-border merger between two publicly traded independent hedge funds, and it was honored as the "Largest Transaction of the Year" by The Hedge Fund Journal in 2010.
  • Represented Iberdrola USA, Inc. in the sale of three natural gas utilities in Connecticut and Massachusetts to UIL Holdings Corporation, a company publicly traded on the New York Stock Exchange, for cash consideration of over $917 million.
  • Represented Koç Holding A.Ş. in the sale of its majority stake in Migros Türk A.Ş., after an auction process, to a consortium led by the private equity firm BC Partners for the equivalent of $1.66 billion, the largest private equity transaction in Turkey to date. Migros is the largest retailer in Turkey with over 14,800 employees and 900 stores.
  • Represented First Wind Holdings, LLC in its joint venture agreement with Emera Inc. and Algonquin Power and Utilities Corp. to construct, own and operate wind energy projects in the Northeast U.S. Emera/Algonquin will invest $333 million for a 49% stake in the joint venture company.
  • Represented the Barclays Natural Resource Investments (BNRI) division of Barclays Capital in connection with its private equity investment in K Road Power, an independent power developer focused on utility-scale solar projects in the Southwest United States. 
  • Represented a solar project development company in the sale of a utility-scale solar development project to a major international solar company.
  • Represented GLG Partners, a leading alternative asset manager, in its $3.4 billion transaction to access public markets through a reverse acquisition with Freedom Acquisition Holdings, Inc. The transaction was honored as "2008 Deal of the Year" by The Hedge Fund Journal.
  • Represented four lenders in the senior secured debt financing of about US$140 million for Maple Energy Plc's greenfield ethanol project in Peru. The four lenders were the IDB, CAF, FMO and Banco Internacional del Perú S.A.A. The transaction was honored as the "2010 Latin America Biofuels Deal of the Year" by Project Finance magazine.  
  • Represented Dubai International Capital in its $200 million investment in Oger Telecom, which is a leading provider of telecommunications services operating fixed-line, mobile communications and Internet access businesses in Turkey, South Africa, the Kingdom of Saudi Arabia, Lebanon and Jordan.
  • Represented global power company in its partially seller-financed disposition of a palm oil energy project in West Africa.
  • Represented a private energy company in its acquisition of a 55 MW biomass-fired electric generation facility in the United States.
  • Represented Pennsylvania-based EnerTech Capital Partners in connection with its venture capital investment in Tangent Energy Solutions, Inc., a Pennsylvania-based renewable energy company.
  • Represented the Emerging Capital Partners MENA Growth Fund LLC, a private equity fund based in Washington, DC, in a proposed acquisition in Turkey.
  • Represented AES Entek, a joint venture between Koç Holding A.Ş. and AES Corporation, in the proposed acquisition of a power generation company in Turkey.
  • Represented Denham Capital in its proposed investment in certain Turkish assets.
  • Represented a major multinational media corporation in its preliminary bid to acquire certain assets of the Turkish Çukurova Group.
  • Represented buyers in joint venture with a major U.S. private equity group in connection with the proposed acquisition of a solid fuel-fired cogeneration plant in Kansas.
  • Represented Citigroup Global Markets Inc. and Barclays Capital as joint lead arrangers for Marriott International, Inc.'s $2.5 billion multicurrency revolving credit facility, an amendment and restatement of Marriott's existing five-year facility.  
  • Represented The Joseph P. Addabbo Family Health Center, Inc. in its acquisition of the New York-based health center formerly known as St. Dominic Family Health Center, and with the help of Primary Care Development Corporation (PCDC), successfully prevented the closing of an essential local primary care health center.

Capital Markets

  • Represented the Privatization Administration of the Republic of Turkey in 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 capital markets offering of a Turkish issuer to date, with proceeds exceeding $2.5 billion.
  • Represented GLG Partners, Inc. in connection with its 144A/Reg S offering of $228.5 million convertible subordinated notes and the concurrent acquisition of certain indebtedness under existing credit facility.
  • Represented major Turkish company in its proposed establishment of a Level I ADR (American Depositary Receipts Program) in the United States.
  • Represented NPS Pharmaceuticals, Inc., a biopharmaceutical company traded publicly on the Nasdaq Global Market, in connection with its tender offer to purchase approximately $171 million of its outstanding convertible debt securities.
  • Represented Conexant Systems, Inc., a communications semiconductor company traded publicly on the Nasdaq Global Select Market, in connection with its 144A/Reg S offering of $275 million floating rate senior secured debt securities and subsequent exchange offer.
  • Represented Meritor, Inc., a global supplier of integrated automotive systems traded publicly on the New York Stock Exchange, in connection with its 144A/Reg S offering of $200 million convertible senior debt and subsequent shelf registration.
  • Represented former CEO and chairman and a group of founding stockholders in a proxy contest to elect the board of directors of MMC Energy, Inc., an energy company traded publicly on the Nasdaq Global Market.
  • Advised CA, Inc., a computer software company traded publicly on the New York Stock Exchange, on its periodic Exchange Act reporting obligations.

Private Equity

  • Represented major U.S. private equity firm in its proposed formation of segregated portfolio investment vehicles with diversified investment objectives.
  • Represented GLG Partners, a leading alternative asset manager, and its affiliated entities on the creation of an employee equity and profit-sharing program.
  • Represented a prominent U.S. real estate fund manager in internal corporate matters relating to employee equity.
  • Represented group of investment professionals in the establishment of an advisory business involving financial, investment, asset management, workout and restructuring advisory.

International Trade (Relevant non-legal experience)

  • As an economist, represented the Government of Turkey, Çolakoğlu Metalurji and HABAŞ Sınai ve Tıbbi Gazlar İstihal Endüstrisi A.Ş., two Turkish steel manufacturers, in a countervailing duty investigation by the U.S. Department of Commerce and International Trade Commission.
  • As an economist, represented Istanbul Mineral and Metals Exporters' Association, a trade union of Turkish steel companies, in a Section 201 global safeguard investigation by the U.S. Department of Commerce and International Trade Commission.
  • As an economist, represented various Turkish trade unions in their petitions to obtain tariff-free export eligibility under the U.S. Generalized System of Preferences for export items including ceramic tiles, gold jewelry, dried apricots, fig paste, capers and hazelnuts.

Other

  • Represented Avea İletişim Hizmetleri A.Ş., a leading Turkish GSM operator, as defendant in an intellectual property lawsuit in the United States District Court for the District of Maryland.
  • Represented Turkish-controlled company in the acquisition of literary property rights in connection with the authoring of a biographical book regarding a U.S. citizen.
  • Represented The Public International Law & Policy Group in connection with the preparation of a white paper on the core elements of a banking system in Southern Sudan.
  • Represented Settlement College Readiness Program, a New York not-for profit corporation, in its dissolution and distribution of assets.
  • Representing Dreamers Film Society, Inc., a New York not-for-profit corporation, in its application for tax exemption and various corporate matters.

Honors

  • Named as "New York Rising Star" in Super Lawyers 2011, Metro New York Edition
  • Received "Preeminent" peer rating for M&A work by Martindale-Hubbell in 2012

Activities and Affiliations

  • Board Member, Turkish-American Business Forum.
  • Member, New York State Bar Association.
  • Member, Corporate Governance Association of Turkey.
  • Member, International Law Association of Istanbul
  • Led legal research and writing workshops at the Georgetown University Law Center for two years.
  • Led seminars for Turkish judges and lawyers in a U.S. law immersion program.

Publications


[ more publications ]

Speeches and Events

  • "Chinese Investment Opportunities in Turkey," China International Chamber of Commerce for the Private Sector, Beijing, China, October 30, 2013
  • "Analyzing Comparative Criminal Procedure Systems," Global Relations Forum, Istanbul, Turkey, September 25, 2013
  • "Legal Considerations for Investing in Turkey," Georgetown Global Business Initiative, Istanbul, Turkey, July 22, 2013
  • Bloomberg HT television interview on "Küresel Piyasalar", New York, NY, March 29, 2011
  • "Chinese Investment Opportunities in Turkey," China International Chamber of Commerce for the Private Sector, Beijing, China, October 30, 2013
  • "Analyzing Comparative Criminal Procedure Systems," Global Relations Forum, Istanbul, Turkey, September 25, 2013
  • "Legal Considerations for Investing in Turkey," Georgetown Global Business Initiative, Istanbul, Turkey, July 22, 2013
  • Bloomberg HT television interview on "Küresel Piyasalar", New York, NY, March 29, 2011
 

Practice Areas

Capital Markets

Corporate

Mergers and Acquisitions

Private Equity Transactional

Securities Compliance

Regions

Middle East and North Africa

Europe

Turkey

Education

  • Harvard University, Harvard College, B.A., with honors, 2001
  • Georgetown University Law Center, J.D., Global Law Scholar, 2006
  • Ankara University, Turkish Law Equivalency, 2008

Professional Background

  • Economist, Baker Donelson Bearman Caldwell & Berkowitz, 2001-2003

Admissions

2007

New York

2011

U.S. Sup. Ct.

2011

U.S. Ct. Int'l. Trade

Languages

English

French

Turkish