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International law firm Freshfields Bruckhaus Deringer has advised Sompo Japan Insurance Inc. and its parent company, NKSJ Holdings Inc., on the acquisition of Turkish non-life insurance company Fiba Sigorta A.S. The transaction will involve Sompo Japan acquiring 93.36 per cent of Fiba Sigorta's common shares from Fiba Holding A.S. and its affiliates. The remaining minority shareholdings may also be acquired. If Sompo Japan acquires 100 per cent of the common shares in Fiba Sigorta, the total consideration will be 485m Turkish lira (approximately US$308m), making it NKSJ Group’s largest ever investment in an overseas insurance company. The transaction is subject to certain conditions, including regulatory approvals in Japan and Turkey. The Tokyo-based Freshfields team was led by corporate partner Edward Cole, with support from corporate associates Shinsuke Kobayashi and Peter Lawley. Freshfields is increasingly active in the Turkish market and is engaged in a number of high-profile M&A transactions in the country at present. The team of partners covering Turkey has recently been bolstered by the arrival of Alan Rae Smith, a project finance partner with extensive knowledge of the Turkish market who has worked on numerous energy and infrastructure projects in the country.
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