News (#10 October 2020)

Deals

Baker McKenzie advised Glencore Agriculture Limited

Baker McKenzies Kyiv has advised Glencore Agriculture Limited, an agricultural commodities giant, on its acquisition of LLC Everi port terminal from the Orexim Group of Companies. Everi is a leading vegetable oil export terminal in Mykolaiv, offering storage and loading services to first class international and domestic clients.

The Baker McKenzie team was led by Kyiv partner Viacheslav Yakymchuk and supported by counsel Andrii Moskalyk, senior associate Andrii Grebonkin and associate Hanna Smyrnova. Senior associate Robert Gray from the London office covered English law matters related to the transaction.

AVELLUM advised on Ukraines sovereign financing in excess of USD 1.5 billion

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with an open market repurchase of Ukraines outstanding GDP-linked warrants funded through a tap issue of sovereign Eurobonds; and a new macro-financial assistance (MFA) program from the EU.

The goal of the repurchase was to proactively tackle potential liabilities under Ukraines GDP-linked warrants issued in the course of its sovereign debt restructuring in 2015. Ukraine tapped its USD 1.36 billion 7.75% notes due 2020 to effect settlements in relation to the purchased warrants. The principal of the tap notes came to USD 328.79 million and both the original notes and the tap notes were redeemed in full on 1 September 2020. The AVELLUM team was led by senior partner Glib Bondar with support from associates Oleg Krainskyi, Mariana Veremchuk, and Mykola Falko.

Sayenko Kharenko advised on USD 329 million Eurobond tap issue by Ukraine

Sayenko Kharenko acted as Ukrainian legal counsel to J.P. Morgan, the initial purchaser and bookrunner of the USD 329 million Eurobond tap issue made by Ukraine. The additional notes were consolidated with the outstanding USD 1.36 billion 7.75% notes that matured on 1 September 2020.

The proceeds of the transaction were used to settle an open-market repurchase of Ukraines GDP-linked securities which was announced in August.

The Sayenko Kharenko team included partners Igor Lozenko and Nazar Chernyavsky and associates Oles Trachuk and
Vladyslava Mitsai.

Kinstellar advised Turkey Wealth Fund

Kinstellars Kyiv office has successfully advised Türkiye Varlık Fonu (Turkey Wealth Fund) in connection with obtaining merger control approval from the Antimonopoly Committee of Ukraine for the acquisition of a controlling interest in Turkcell İletişim Hizmetleri A.Ş.

Turkey Wealth Fund is the wealth fund and strategic investment arm of the Republic of Turkey that was established in 2016 following the transfer of public shares in 20 companies in eight strategic sectors, including Turkish Airlines, Ziraat Bank, Halkbank, VakıfBank, Borsa Istanbul, BOTAŞ, TPAO and Türksat, as well as two licences and various real estate assets.

Turkcell, a leading integrated telecoms and technology company, is one of Turkeys most valuable assets and most recognisable brands. The deal was led by Olena Kuchynska, managing partner of the firms Kyiv office, who was supported by Daryna Ushchapivska, associate.

Baker McKenzie advised State Property Fund of Ukraine on privatization of Dnipro Hotel

Baker McKenzies Kyiv office has advised the State Property Fund of Ukraine on the successful privatization of Dnipro Hotel, which was sold at an auction on 15 July 2020 with a winning bid of UAH 1,111,111, 222 (approximately USD 40.934 million).

Baker McKenzies work within the scope of this project included a legal audit of Private JSC Hotel Dnipro and the preparation of a legal due diligence report on it, which was subsequently provided to potential investors.

The project was implemented with the support of the American people through the United States Agency for International Development (USAID) under the Competitive Economy Program.

The Baker McKenzie team was led by Kyiv managing partner Serhiy Piontkovsky, who was supported by senior associate Nataliya Tyschenko and associates Nadiia Filozop and Andrii Levchenko.

Sayenko Kharenko advised ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Glencore Agriculture

Sayenko Kharenko acted as a local legal counsel to ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Glencore Agriculture on obtaining clearance from the Antimonopoly Committee of Ukraine for a joint venture developing an independent and trusted digital platform to enable post-trade efficiency for participants of the agri-industry.

The platform is expected to drive greater security, reliability, efficiency and transparency by digitizing manual, paper-based processes tied to contracts, invoices, and payments, with a more modern, digitally-based approach.

The Sayenko Kharenko antitrust & competition team included senior associate Anastasia Bodnar and associate Snizhanna Savka under the supervision of partner Maksym Nazarenko.

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