Herbert Smith Freehills has advised Citigroup Global Markets Limited, Merrill Lynch International, and J.P. Morgan Securities plc, who acted as the Joint Global Coordinators and Joint Bookrunners in Koç Holding's sale of 575 million Yapı Kredi shares with a nominal value of TRY 575,000,000.
Yapi Kredi is one of Turkey's largest banks. A total of 575 million shares were sold through an accelerated bookbuilt offering and corresponds to 6.81%% of Yapı Kredi's issued capital for a total amount of proceeds of approximately Turkish Lira 6.76 billion at a price of Turkish Lira 11.75 per share.
Following the close of the transaction, Koç Holding's direct shareholding in the bank will be 20.2%. Koç Holding and its subsidiary Koç Finansal Hizmetler A.Ş., which currently owns 40.95% of the bank's shares, will hold a total of 61.17% of Yapi Kredi's issued share capital. Koç Holding will continue to be the largest shareholder of Yapı Kredi, and Yapı Kredi's public float rate will rise to 38.82%. The transaction is part of Koc Holding's portfolio optimisation strategy.
The Herbert Smith Freehills team was led by co-head of equity corporate finance and head of US securities Tom O'Neill and supported by of counsel Thomas Vaughan and associate Zarko Perovic.