Goldman Sachs gets negotiation exclusivity to acquire Turkish port

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Goldman Sachs gets negotiation exclusivity to acquire Turkish port

SOCAR Turkey Enerji A.Åž. (STEAS), the state oil company of Azerbaijan, and its Turkish subsidiary Petkim Petrochemical Holding Corp., have granted Goldman Sachs International (GSI and affiliates) the right to negotiate on an exclusive basis an structured equity transaction with respect to 100% of its subsidiary Petlim, which entered into an agreement, in February 2014, with APM Terminals to build and operate the Aegean Gateway Terminal (AGT) near Izmir.

Under that agreement, Petkim was to provide the initial investment of approximately $400 million to construct a new container and general cargo terminal in Nemrut Bay. The new facility, expected to start operations in summer 2015, is to be fully operated by APM Terminals under a 28-year concession.

The transaction contemplated includes the sale of 30% of the shares in Petlim to Goldman Sachs for US$250 million. It is also envisaged that Goldman Sachs will receive downside protection against a devaluation of such investment with the means of put option right granted by STEAS to Goldman Sachs.

Currently, Goldman Sachs has been granted the exclusive right to negotiate the contemplated transaction that has not yet been executed. Petkim sais there is no binding agreement with respect to such structured equity transaction beyond the exclusivity.

Petkim also said the proposed transaction will be subject to customary conditions including satisfactory completion of legal due diligence, agreement on final documentation, receipt of all required internal and external approvals by STEAS, Petkim and Goldman Sachs and will further be subject to no adverse changes in market conditions.

List of country news

Country news

  • August 04, 2014

    TAV begins operating Milas-Bodrum Airport concession

    TAV Airports has started operations of the Milas-Bodrum Airport Domestic Terminal in one of the major tourism destinations of Turkey. TAV will now operate the airport until 2035. Read more
  • September 08, 2014

    Partners Group acquires 30% stake in Enerya, a leading Turkish natural gas company

    Partners Group, the global private markets investment manager, has acquired a 30% stake in Turkish natural gas distributor Enerya on behalf of its clients. The stake was acquired from Enerya's parent company, Turkey's STFA Group, which continues to hold the remaining equity. The company will be governed on a joint venture basis. Read more
  • October 09, 2014

    Turkey to launch more infrastructure privatizations

    The Turkish government has announced it is preparing for a fresh round of major privatizations, mainly consisting of national infrastructure, Finance Minister Mehmet Şim?ek said a couple of days ago. Read more
  • October 28, 2014

    MIGA guarantees Meridiam's investment in health PPP project in Turkey

    World Bank's Multilateral Investment Guarantee Agency (MIGA) has guaranteed Meridiam's investment in the Adana Health Campus PPP project in the southern Turkish city Adana. Read more
  • November 05, 2014

    Astaldi and Turkeler seek IFC support for Etlik hospital PPP

    The consortium formed by Astaldi S.p.A. and Turkerler Construction, which won the tender process for the Turkish Ankara Etlik Health Campus PPP project in 2011, is seeking the financing support from the International Finance Corporation (IFC) to develop the project. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.