White & Case Advises InfraMed On Its Acquisition Of A Minority Equity Stake In The Iskenderun Port
Global law firm White & Case LLP advised InfraMed Infrastructure SAS, InfraMed's flagship investment fund, on its acquisition from Limak of a minority equity stake in the Iskenderun port project company.
The Iskenderun port is a strategic asset on the south-east coast of Turkey. Limak, a major Turkish construction and industrial consortium, were the successful bidders in 2011 for the 36-year concession for operating rights in respect of the port, and hold majority control as well as being the EPC contractor for the project. The entire investment programme for the refit of the port requires approximately USD 700 million, of which USD 425 million was project-financed in December 2011 by a group of Turkish and international banks, including UniCredit, Garanti and Finansbank. Limak were represented by Clifford Chance while the senior lenders were represented by Linklaters.
InfraMed is an investment vehicle dedicated to providing long-term equity and quasi-equity funding to sustainable urban, energy and transport infrastructure projects in the Mediterranean region. Its shareholders include the European Investment Bank, Caisse des Dépôts et Consignation (France), Cassa Depositi e Prestiti (Italy), Caisse de Dépôt et de Gestion (Morocco) and EFG Hermes.
The White & Case team was led by Paris partner Paule Biensan and was composed of:
- Zeynep Cakmak, partner, Ankara
- Tom Longmuir, associate, Paris
- Selin Kucukkayikci, associate, Ankara