Clifford Chance has bagged its second multibillion-dollar telecoms deal in two weeks, advising Oger Telecom on its $6.55bn (£3.55bn) acquisition of a 55 per cent stake in Türk Telekom, Turkey’s national telecoms operator.
Joachim Fleury’s telecoms team advised T-Mobile Austria on its Ã¢Â‚Â¬1.3bn (£880m) acquisition of Austrian mobile operator tele.ring last month. The increased deal flow will come as a relief to Clifford Chance’s beleaguered communications, media and technology team. The group has endured a miserable couple of years since Fleury moved to London in 2001 to head the team, having been raised to prominence as one of the firm’s biggest billers during the late-1990’s telecoms M&A boom.
Oger Telecom is an investment vehicle controlled by Saudi Oger, Telecom Italia and BT’s international consulting arm BT Teleconsult. Clifford Chance won the work through the relationship its Dubai office has with the Saudi investment house. Fleury’s team worked with it for the first time on its failed bid for Pakistan’s incumbent telecoms operator. The firm is now in pole position to advise Oger Telecom on an expected bid for Tunisia’s national telecoms operator.
Peter Strivens and David Allen led the Baker & McKenzie (B&M) team that advised the Turkish government on the partial privatisation. B&M won a tender for the work in the summer of 2004, with assistance on Turkish law from Cerrahoglu Law Offices. The government gradually eliminated bidders until the final stage, with an auction between Oger Telecom and Emirates Telecommunications Corporation, which was televised live in Turkey to ensure maximum transparency.