Cleary Gottlieb represented TPG in the sale of Mey İçki Sanayi ve Ticaret, Turkey’s leading spirits manufacturer, to the drinks group Diageo PLC.
Diageo has agreed to acquire Mey İçki from TPG and Actera, a private equity group focused on investments in Turkey, for approximately £1.3 billion. As part of the transaction, management is re-investing in the company. The deal signed on February 21. Closing is subject to regulatory approvals.
TPG had initiated a dual track exit strategy, and Cleary Gottlieb advised TPG in connection with a proposed partial floatation of Mey İçki on the Istanbul Stock Exchange.
Cleary Gottlieb also acted for TPG on its original acquisition of Mey İçki in 2006.
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