A Turkish Private Equity Web Log

In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication thereof.

Brokerage House Acquistions in Turkey - MNG to Lehman Brothers
Since this has been such a hot area as of late, I figured I might as well put them all in one location. Six Turkish Brokerages get snapped up by foreign buyers in the last 2 years. In addition, for a clear timeline of these acquisitions as well as other deals in the making with international investment banks, don't forget to check out a previous post: "Investment Banks clamor toward Turkey; Scoop up Brokerages and Licenses". In addition, for some of the acquisitions, you will see links that allow you to drill down to its specific Grandstanding Traction post.

Here are the latest brokerage house acquisitions of Turkish brokers by foreign buyers.

Brokerage House Acquisitions in Turkey
Bank Date Acquirer Acquired % Amount Paid
Arigil Securities Nov. 2006 Morgan Stanley 100% Undisclosed
Tat Securities Dec. 2006 Merrill Lynch 100% Undisclosed
Dundas Unlu Securities March 2007 Standard Bank 67% Undisclosed
Baran Securities May 2007 Credit Suisse 100% Undisclosed
Opus Securities Sept. 2007 Citigroup 100% Undisclosed
MNG Yatirim Securities Oct. 2007 Lehman Brothers 100% Undisclosed

The latest being 100% of MNG Yatirim to Lehman Brothers. Here were the details as of the signing in July:

Hergüner Bilgen Ozeke ("Hergüner") of Istanbul, Turkey represented Lehman Brothers Co. in its purchase of all of the shares of MNG Yatirim, a local brokerage house owned by the MNG Group of Companies (“MNG”). The deal was signed on 27 July 2007, and closing of the transaction is subject to the Capital Market Board’s (the “CMB”) permission. The parties applied for this approval on 30 July 2007. Provided that the deal is approved by the CMB, this transaction will allow Lehman Brothers to own a local brokerage house, which holds all CMB licenses, except for derivative transactions. Lehman Brothers, an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed-income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. Hergüner’s team was led by partner Mr. Hakki Gedik, who is also co-head of the firm's banking and finance division. Other members of the team were associates Mrs. Yesim Api Samli, Mr. Umut Gurgey, Mr. Ali Sami Er, and Ms. Nilay Goker. Legal counsel for MNG was Ms. Asli Budak.

Here is Reuter's take on the Lehman/MNG deal.

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