Clyde & Co advises QTerminals on its acquisition of Akdeniz Port in Turkey

Clyde & Co has advised Qatari port operator QTerminals on the sale and purchase agreement for the acquisition of 99.99 per cent of Akdeniz Port in Turkey from Global Ports Holding (GPH), the world’s largest independent cruise port operator.

Clyde & Co acted as international deal counsel and collaborated with Turkish counsel Kolcuoglu Demirkan Koçaklı (KDK) to represent QTerminals at all stages of the transaction, including drafting and negotiating the key transactional documents.

Located in Antalya, Akdeniz Port is a leading commercial cargo export port in Turkey, currently specialising in handling cargo containers and general and bulk cargo destined for global markets including those in Asia and the Middle East. Including QTerminals’ flagship Hamad Port in Qatar, its recent 35-year concession for the management and operations of Olvia Port in Ukraine, this acquisition in southern Turkey represents the third port asset in QTerminals portfolio.

Subject to the Turkish Competition Authority’s (Rekabet Kurumu) clearance and several other Conditions Precedent, the acquisition of the port is expected to complete in the coming months.

The Clyde & Co team was led by Roshanak Bassiri Gharb and Lee Keane.

Roshanak Bassiri Gharb, corporate senior associate at Clyde & Co, stated, “After advising on the concession agreement for Olvia Port earlier this year, we are thrilled to have supported QTerminals in a new strategic project. This is an important development for their internationalisation plans and should further its position as one of the leading port operators in the world.”

Lee Keane, corporate partner at Clyde & Co in Doha, added, “The acquisition of the port will represent a significant development for QTerminals and its entrance into the Turkish market. This transaction also confirms the solidity of cross-border investments between Middle East and other jurisdictions and should generate further opportunities across the wider region.”

Neville Bissett, CEO of QTerminals, commented, “Akdeniz Port is an important milestone for us and a strategic starting point for our expansion into Turkey. We are committed to developing and operating the Port to the highest levels of efficiency and safety. We are grateful to our legal advisors Clyde & Co and KDK for their excellent service, advice and guidance on this acquisition.”