White & Case LLP and GKC Partners advised TVF Finansal Yatırımlar A.Ş. on the sale of a five percent stake in Türkiye Sigorta A.Ş., according to a June 3 announcement.
The transaction involved the sale of shares with a total nominal value of TRY 500 million, representing five percent of Türkiye Sigorta’s issued share capital, at a price of TRY 13.50 per share. The process raised gross proceeds of approximately TRY 6,750 million through an accelerated bookbuilding to non-Turkish resident institutional investors.
After the completion of this transaction, TVF Finansal Yatırımlar’s direct shareholding in Türkiye Sigorta stands at 76.10 percent, with the Türkiye Wealth Fund remaining as the principal shareholder.
Citigroup Global Markets Limited and JP Morgan Securities plc served as joint global coordinators and bookrunners for the deal.
Türkiye Wealth Fund is described as an asset-backed development fund that acts as both a strategic investment arm and equity solutions provider for the Republic of Türkiye. TVF Finansal Yatırımlar A.Ş., which conducted this transaction, is wholly owned by the Türkiye Wealth Fund.
The White & Case team based in London was led by partner Laura Sizemore and included associate George Davie, while GKC Partners’ Istanbul team featured counsel Derin Altan and associate Muhammed Aşula.
