Esin Attorney Partnership, a member firm of Baker & McKenzie International, announced July 16 that it advised Aykut Sanver and Kazim Akalin, founders and shareholders of Game Sultan, the largest e-pin distributor in Turkey, on the sale of Game Sultan shares to MOL AccessPortal, a subsidiary of Malaysia-based e-payments service provider MOL Global.
Game Sultan is the largest e-pin distributor in Turkey, offering in-game currencies for over 100 online games from more than 25 global publishers. The company operates an e-wallet system using a branded virtual currency called G-Cash, which can be purchased online and in kiosks, retail outlets and cybercafes across Turkey.
The Firm advised Kazim Akalin and Aykut Sanver, local shareholders of Sihirli Kule (Game Sultan), on the sale of: (i) a 30 percent stake in the operator of Game Sultan, MOL Turkey Bilgi Sistemleri Yayincilik Sanayi ve Ticaret Anonim Sirketi; and (ii) a 30 percent stake in Sihirli Kule Bilgi Sistemleri Ltd., to MOL AccessPortal Sdn. Bhd. The deal was signed on 6 May 2014 and closed on 15 July 2014. The Firm also advised Kazim Akalin and Aykut Sanver on the sale of: (i) a 70 percent stake in MOL Turkey Bilgi Sistemleri Yayincilik Sanayi ve Ticaret Anonim Sirketi; (ii) a 70 percent stake in Sihirli Kule Bilgi Sistemleri Ltd.; and (iii) a 70 percent stake in the leading Turkish leading mobile payment company PaytoGo to MOL in March 2013.
A team of lawyers from Esin Attorney Partnership advised on the recent cross-border transaction. M&A partner Muhsin Keskin led the team with support from associates Erdem Sismangil, Berk Cin and Mustafa Ozkan Ozdogan, according to Esin Attorney Partnership.
This is the seventh transaction the firm has advised on in the Turkish online gaming market and the fifth transaction for Game Sultan shareholders in the last year. In 2013, the firm advised Burak Balik on the sale of his 50 percent stake in: (i) SHR Interaktif Servisler Sanayi ve Ticaret A.S., the operator of Joygame, the no. 1 Turkish multiplayer online gaming and entertainment company; and (ii) Joygame Interactive Services Ltd., to CJ Games. Relatedly, in February 2014, the firm advised AIM-listed Monitise plc on the cross-border acquisition of 100 percent of the issued share capital of Pozitron Yazilim A.S., an online payment, banking, and security systems company and in 2012, the Firm advised SK Planet on its joint venture with Dogus Holding to set up n11.com, an online marketplace platform.
Turkey is one of the fastest-growing e-commerce markets in the world. In addition, Turkey is an attractive market for mobile payments with over 61 million mobile phone users and mobile phone ownership reaching a penetration level of 85 percent.
“Advising clients on transactions in the dot-com business, online gaming, e-payment and e-commerce sectors is exciting because it places us at the intersection of Turkey’s emerging tech scene and entrepreneurial spirit,” Muhsin Keskin said in a release.
Founded in 2000, Malaysia-based MOL AccessPortal is a leading online payment solutions provider wholly owned by MOL Global. MOL’s investment in Game Sultan, as well as a previous investment in PaytoGo, a Turkish mobile payment company, provides MOL, a leading position in Turkey and a doorway to the greater MENA region. Including Turkey, MOL is active in 11 countries. Ganesh Kumar Bangah is the founder and group CEO of MOL Global.
