Cleary Gottlieb represented TPG in the sale of its majority shareholding in Mey İçki Sanayi ve Ticaret AŞ, Turkey’s leading spirits manufacturer, to the drinks group Diageo.
Diageo has agreed to acquire Mey İçki from TPG and Actera, a private equity group focussed on investments in Turkey, for approximately GBP1.3bn. As part of the transaction, management are re-investing in the company. The deal signed on Monday 21 February 2011. Closing is subject to regulatory approvals.
TPG had initiated a dual track exit strategy, and Cleary Gottlieb also advised TPG in connection with a proposed partial floatation of Mey Içki on the Istanbul Stock Exchange.
Cleary Gottlieb acted for TPG on its original acquisition of Mey Içki in 2006.
Cleary Gottlieb’s M&A team was led by London partners Simon Jay and Sam Bagot with associates Christopher Macbeth and Marie-Hélène Farrelly. Partner Richard Sultman and associate Paolo Santi provided tax advice. Partner Romina Polley and associate Ruchit Patel advised on anti-trust matters. The IPO team was led by Sebastian Sperber with associate Aimée Schultz. Invaluable assistance was also provided by partner Andrew Shutter and associate Paul Hodgson on financing matters, and by associates Justin Adam Schneider and Sarah Lewis on capital markets matters.
Hergüner Bilgen Özeke Attorney Partnership advised TPG on Turkish law matters.
