The Turkish Competition Authority approves the transaction concerning the indirect acquisition of joint control over a chemical company by an investment fund (Cinven / Vakıf / Barentz)

This case summary concerns an analysis of the Board’s Cinven/Vakıf/Barentz decision, in which the Board evaluated the acquisition of joint control over H.L. Barentz B.V. (“ Barentz ”) by (i) an investment fund, which was ultimately controlled by Cinven Capital Management (VI) General Partner Limited (“ Cinven ”), and (ii) Stichting Barentz Beheer (“Vakıf”) through HLB Bidco B.V. (“ Bidco ”) , a special purpose vehicle (“ SPV ”) incorporated for the purposes of the proposed transaction. Further to its substantive assessment, the Board decided that, as the applicable jurisdictional thresholds had been satisfied and the joint venture could be considered as a full-function joint venture, the transaction required a mandatory merger control filing in Turkey. Consequently, the Board reviewed the