International law firm Sullivan & Cromwell has guided Taiwan Cement Corporation (TCC) on its $2.2 billion further investment in Turkish pension fund Ordu Yardımlaşma Kurumu’s (OYAK) cement business, which was advised by Esin Attorney Partnership, Baker McKenzie’s member firm in Turkey.

The same firms guided the formation of a $1.1 billion joint venture between TCC and OYAK in 2018, the largest foreign direct investment in Turkey that year.

The new deal involves two components. One is the incorporation of a joint venture to be owned by OYAK and TCC in a 40:60 ratio, which will, in turn, acquire 100 percent shareholding in the holding company of OYAK Çimento Fabrikaları, Turkey’s largest cement supplier, for approximately 1.3 billion euro ($1.4 billion). Then, TCC will acquire 100 percent of the joint venture’s Portugal business, Cimpor Portugal, for 800 million euro.

The S&C team that advised TCC was led by partner Gwen Wong. Antitrust partner Juan Rodriguez also supported the deal.

The Baker McKenzie–Esin Attorney team was led by partners Eren Kurşun and Orcun Solak, with support from Bakers’ Beijing and Taipei offices.