Global law firm White & Case LLP has advised BBVA, a leading Spanish bank, on its acquisition of a 9.95 percent stake in Garanti Bank from Dogus Group for approximately EU859 million.

Following this transaction, BBVA will control a 49.85 percent stake in Garanti.  BBVA first acquired a 24.9 percent stake in Garanti Bank from GE and Dogus Group for US$5.8 billion in 2010. This was the world's second largest M&A transaction in the banking sector at the time and the largest private M&A transaction in Turkey to date.  Subsequently, in 2015 BBVA acquired 14.89 percent stake from Dogus Group for approximately EU1.9 million.   White & Case also advised on the previous share acquisitions.

The White & Case team which advised the transaction was led by partner Asli Basgoz and local partner Ceylan Kara and included partner Guniz Gokce, tax counsel Hakan Eraslan and competition advisor Sezin Elcin Cengiz (all Istanbul). Partners Guy Potel (London), Stuart Willey (London), Andreas Wieland (Frankfurt), local partner Lucy Xu (Shanghai) and associates Sarah Shennib (London) and Yi Ying (Washington DC) also advised.

The BBVA legal team members that worked on the transaction were Eduardo Arbizu Lostao, Maria Jesus Arribas de Paz, Jacobo de Nicolas y de Benito and Elena Chavarri Padilla.