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The Competition Board Rejected the Acquisition of the Marinas*
Prof. Dr. H. Ercument Erdem
Introduction
The Competition Board (“Board”) has rejected the acquisition of
the full shares of Beta Marina Liman ve Çekek İşletmesi A.Ş. (“Beta
Marina”) and Pendik Turizm Marina Yat ve Çekek İşletmesi A.Ş.
(“Pendik Turizm”) by Setur Servis Turistik A.Ş. (“Setur”) in accor-
dance with Art. 7 of the Act No. 4054 on the Protection of Competition
(“Competition Act”) in its decision1 dated 09.07.2015 and numbered
15-29/421-118.
Parties of the Transaction
Pursuant to the information examined by the Board, the acquirer
party, Setur, was incorporated within Koç Holding A.Ş. (“Koç
Holding”) in 1965, and is active in the tourism sector. Koç Holding
operates nine marinas of which two of them are operated under joint
control.
One of the acquired parties, Beta Marina, is indirectly embodied
within Yıldız Holding A.Ş., and operates the marina by means of leas-
ing. The other acquired party, Pendik Turizm, is also indirectly embod-
ied withinYıldız Holding A.Ş., and currently holds a utilization permit
from Istanbul City Port Marina, and leases this marina to Beta Marina.
Legal Framework of the Transaction
The acquisition of the full control of Beta Marina and Pendik
Turizm by Setur is an acquisition transaction within the frame of Art.
COMPETITION LAW 151
* Article of November 2015
1 Please see.
%A7eli+Kurul+Karar%C4%B1%2f15-29-421-118.pdf (Access date: 08.12.2015).