PwC Turkey case study
Secure, efficient M&A due diligence
When PwC Turkey (PricewaterhouseCoopers) was appointed as lead financial advisor on an M&A deal involving Turkish packaging and printing company Asaş Ambalaj Baski ve Ticaret A.S. (ASAŞ), it chose to use Imprima's iRooms virtual data room (VDR) solution to support the due diligence process. Over an eight-month period, the M&A team shared all relevant information about the company with potential bidders, including legal, tax and other operational data.
ASAŞ was founded by Vural Baylan in Ankara Turkey in 1978 and is now one of the biggest rotogravure packaging companies not just in Turkey, but also in Europe.
PwC appointed Imprima to provide an iRooms VDR to support the bid process for ASA޸ in November 2010. The iRooms VDR was made available to bidders interested in acquiring ASA޸ in December 2010 and closed at the end of May 2011. Bidders and advisors from locations in Turkey, Romania, Austria and Germany accessed the information pack held on iRooms, which ran to over 10,000 pages.
Imprima provided deal manager support, quality checks and bidder support as well as valuable reports and data on who had accessed which documents during the process. Imprima was able to create and deliver a wrap-up DVD to PwC within 24 hours of closing the bid. PwC was able to use iRooms straight away with no training, demonstrating the system's ease of use.
The deal was completed in June 2011, when a majority stake in ASA޸ was sold to Constantia Packaging AG, the listed Austria-based provider of packaging solutions.
"We appointed Imprima because we had used the system before and because it represented great value for money," says Oguzhan Atay, Corporate Finance Manager, M&A Services at PwC Turkey. "We were very impressed with the service provided to us by Imprima's project management team. In particular, they were highly responsive when we needed to update some documents very quickly - they understood the pressure we faced and how to support us. Our project manager was a creative problem-solver and approached our issue with utmost professionalism."
iRooms - a safe, secure platform for cross-border M&A
The secure and flexible iRooms platform meant that all of the advisors involved in the deal were able to access documents online from any location, 24/7 and react swiftly to bidder queries. Potential investors were also able to review documents in a timely manner. PwC plans to use iRooms as its VDR platform for other transactions in the future.
"Imprima provided us with a secure and cost-effective VDR that helped us to share confidential documents as part of the due diligence process within a complex cross-border M&A transaction."
