Shanghai/Istanbul – The Chinese cable manufacturer Jiangsu Zhongtian Technology Co., Ltd. (ZTT) has acquired the Turkish company Demirer Kablo from Saudi Cable Company for USD 66.7 million. The transaction was completed today after merger control clearance had been granted.
An international CMS team headed by lead partners Dr Christoph Schroeder and Dr Doene Yalçın provided ZTT with comprehensive legal advice on all aspects relevant to the transaction. Challenges of this deal included the considerable time pressure and the prior carve-out of several real properties from the target company. The transaction is ZTT’s first ever outbound acquisition.
ZTT produces cables and accessories for communication and for power transmission and distribution. The company also acts as general contractor for projects in these fields. ZTT is particularly active in telecommunications, broadband, oil and gas as well as renewable energies, including offshore windfarms. The company, which has been listed on the Shanghai Stock Exchange since 2002 and is represented worldwide at 58 locations, generated a turnover of USD 6.86 billion in 2017 with approximately 15,000 employees. ZTT belongs to China’s Fortune 500.
Demirer Kablo was established in 1978 and, according to its own sources, is one of the leading Turkish cable manufacturers and exporters. The company has branches in Istanbul and Bozueyuek (Bilecik province).
Dr Christoph Schroeder, Lead Partner, Corporate
Angela Chen, Junior Associate, Regulatory
Dr Doene Yalçın, Lead Partner
Alaz Eker Undar, Senior Associate, both Corporate
Taner Elmas, Associate, Corporate/IP
Levent Bilgi, Counsel, Commercial
Arcan Kemahlı, Senior Associate
Berk Tuzun Associate, both Commercial/Real Estate
Mustafa Alp, Counsel
Sinan Abra, Senior Associate, both Employment
Can Gafuroglu, Senior Associate, Public law
Erdem Sueral, Senior Associate, Litigation