In what is being described as perhaps the largest M&A deal in Turkey this year, a team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International and Baker & McKenzie, advised The Carlyle Group on an investment exit that will rank as one of Turkey’s largest.
The firm advised The Carlyle Group on the sale of 40 percent of the issued share capital of Medical Park Sağlık Hizmetleri A.Ş to Turkven Private Equity. Shareholders Sancak Group and Usta Group also sold a percentage of their shares, resulting in a majority stake sale.
The deal was signed in late December and closed May 7. In 2009, the firm advised the promoters of Medical Park on the sale of 40 percent of their shares to The Carlyle Group’s MENA Fund. Since the investment, The Carlyle Group has worked with the management and other investment partners to double the turnover and increase the number of hospitals from 13 to 18.
A cross-border team of lawyers from Esin Attorney Partnership, Baker & McKenzie’s Turkish member firm and Baker & McKenzie’s London office advised on the recent transaction.
Leading the team was managing partner Ismail Esin (Istanbul), M&A partner Aslı Yiğit (Istanbul) and Global Head of Private Equity Simon Hughes (London). Supporting lawyers included David Scott (London), Mine Güner, Eren Üçlertoprağı, Sıtkı Can Tulay, Güven Maviş, Orçun Solak and Binnaz Topaloğlu (Istanbul).
“Not only is The Carlyle Group deal expected to be one of the largest M&A deals in Turkey this year, it is a milestone for the healthcare sector since it involves the sale of 18 well-known hospitals, three medical centers and four laboratories,” Istanbul M&A Partner Aslı Yiğit said.
Medical Park is a leader in Turkey’s healthcare sector and one of the country’s largest healthcare groups, employing over 10,000 people. With hospitals located in several Turkish provinces, Medical Park has increased access to quality healthcare in Turkey and greatly contributed to elevating Turkey’s healthcare standards, according to th firm’s press release.
Founded by current Chairman of the Board Muharrem Usta in 1995, Medical Park’s presence in Turkey quickly grew with the initial stake sale to the Sancak family in 2006.
The Carlyle Group is a United States-based global alternative asset management firm specializing in private equity. With 1,450 professionals in 34 offices around the world, Carlyle is one of the world’s largest investment firms. Carlyle MENA was established in 2007 to make investments in Turkey, North Africa, the Cooperation Council for the Arab States of the Gulf and the Northern Mediterranean regions.
