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Central European law firm Schoenherr has advised on a rare outbound transaction from a construction company in Turkey.
Ankara-based construction company Renaissance Group was advised by Schoenherr on its agreement for a joint venture with Austrian construction company PORR. The deal provides Renaissance with the technical expertise to engage in large-scale infrastructure projects in North Africa, while enabling its Austrian counterpart to access lucrative emerging markets in that region.
“PORR is attractive for Renaissance because of its market position and knowhow, while Renaissance Group is attractive for PORR as a door-opener to the Turkish and Middle East markets,” said Schoenherr partner Christian Herbst.
Renaissance is Turkey’s second-largest construction company and has sites in Turkey, Libya, Saudi Arabia, Bahrain, Turkmenistan, Russia and Ukraine. It is expanding to countries in the former Soviet Union, the Middle East and North Africa.
PORR’s in-house legal team led the joint venture and instructed Dorda Austrian firm Brugger Jordis on a share capital increase that ran parallel to the deal.