Turkey: M&A/Private Equity

The Natural Gas Market License Regulation (the “Regulation”) regulates the licensing system in detail and treats a license as an authorization granted by the Energy Market Regulatory Board (the “Board”) to legal entities for the purpose of carrying out market activities. In this respect, a license is not merely an authorization document obtained at the commencement stage of activities; it is also a regulatory instrument that ensures that the license holder’s scope of activity, shareholding structure, trade name, facility information and other license elements remain up to date.

The Natural Gas Market License Regulation (the “Regulation”) regulates the licensing system in detail and treats a license as an authorization granted by the Energy Market Regulatory Board (the “Board”) to legal entities for the purpose of carrying out market activities. In this respect, a license is not merely an authorization document obtained at the commencement stage of activities; it is also a regulatory instrument that ensures that the license holder’s scope of activity, shareholding structure, trade name, facility information and other license elements remain up to date.

In any high-stakes investment, Merger & Acquisition (M&A), or private equity deal in Turkey and real estate engagements, the financial statements of the target company are the primary focus. While accountants and financial analysts review these numbers for performance and profitability, an experienced corporate lawyer reads them differently.