The Competition Board (Board) ruled that the transaction involving the establishment of effective control over Tekfen Holding AŞ (TEKFEN) through the direct and indirect acquisition of TEKFEN shares by the Can Group economic unity, which is comprised of Can Kültür Sanat Eğitim Kurumları İşletmeciliği AŞ, MCN Gayrimenkul AŞ, KCN AŞ and Doğa Okulları İşletmeciliği AŞ and currently is a shareholder in TEKFEN, is subject to authorization. 

The Board also decided to impose an administrative fine of 10,934,049.80 TL on the acquiring Can Group economic unity under Article 16.1(b) of the Act no 4054 on the Protection of Competition (Act no 4054) due to the fact that, in the relevant acquisition transaction which is subject to authorization, the parties acted as if they received the authorization of the Board despite the Board not having taken an authorization decision.

In addition, under Article 7.2 of the Act no 4054 and Article 10.4 of the Communiqué Concerning the Mergers and Acquisitions Calling for the Authorization of the Competition Board, no 2010/4, it is also found that the acquisition of sole control over TEKFEN by the Can Group is not legally valid until the final decision on the transaction is taken.

Moreover, it is decided that ARY Holding AŞ and the economic unity to which it belongs and Can Group should not engage in any transactions or actions that might lead to the possibility of acquiring control over TEKFEN until the Board takes its final decision concerning the acquisition of sole control over TEKFEN.

Finally, it is concluded that investigations are ongoing regarding whether the transaction subject to authorization constitutes an infringement under Article 7 of the Act No. 4054, and that a decision on the notified acquisition transaction would be made once the file is completed.