Asters Advises ČEZ on the Takeover of a Turkish Distribution Company

Asters acted as legal counsel to ČEZ, a.s., a leader in the CEE electricity market, on the issues of Ukrainian competition law, including obtaining merger control clearances of the Antimonopoly Committee of Ukraine (AMC) in connection with the acquisition together with Akkök Sanayi Yatirim ve Geliştirme A.Ş., a major private Turkish energy company, of joint control over Turkish electricity distribution company Sakarya Elektrik Dağıtım A.Ş. The transaction was valued at approximately USD 600 million.

ČEZ a.s. is the parent company and core of ČEZ Group, active in the generation and distribution of electricity and heat, coal mining, telecommunications, informatics, nuclear research, as well as the planning, construction and maintenance of energy facilities in CEE. Akkök Group headed by Akkök Sanayi Yatirim ve Geliştirme A.Ş. operates in the energy, chemical, textile, real estate, and insurance sectors.

The investment is yet has become another milestone for ČEZ Group in its international expansion. It has also brought both companies a lot of prospects to increase their electricity generating capacity and to develop the energy sector in emerging markets.

The filing with the AMC was handled by associates Tetiana Vovk and Iryna Tertytsia under the supervision of partner Igor Svechkar.