The European Bank for Reconstruction and Development agreed to acquire 15.4% stake in Pasabahce Cam Sanayii Ve Ticaret A.S. from Trakya Cam Sanayii AS (IBSE:TRKCM), Anadolu Cam Sanayii AS (IBSE:ANACM) and Soda Sanayii AS (IBSE:SODA) for approximately 130 million on October 23, 2014. Under the terms of the transaction, Trakya Cam Sanayi sold 14.3 million shares for 53.57 million, Anadolu Cam sold 9.5 million shares for 35.72 million, and Soda Sanayi sold 9.5 million shares in Pasabahce for 35.71 million. The proceeds of the financing will be used by Sisecam towards its investment needs in 2014-2016 in the countries where the EBRD invests.
Itir Sevim-Ciftci, Deniz Gocuk and Asli Kumbaraci of Yegin Çiftçi Attorney Partnership and Alex Cook of Clifford Chance LLP acted as legal advisors for EBRD. Ercument Erdem and Ozgur Kocabasoglu of Erdem & Erdem acted as legal advisor for Pasabahce.