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Barclays Targeting Turkey Deals After $362 Million Pegasus IPO

Barclays Plc (BARC), the third-ranking adviser on U.S. stock offerings in 2013, is targeting more deals in Turkey after advising airline Pegasus Hava Tasimaciligi AS (PGSUS) on the country’s largest initial public offering this year.

“We are actively pursuing a number of opportunities in Turkey at present,” Ralf Nachtigall, co-head of equity capital markets for Europe, Middle East and Africa at the London-based bank, said in a telephone interview, without naming clients.

Barclays helped Pegasus sell 70 percent of 35.3 million shares to international buyers in the IPO. The Istanbul-based company sold a 34.5 percent stake for 649.4 million liras ($361.5 million), valuing it at 1.88 billion liras.

Pegasus, whose IPO was the fourth biggest in Turkey since the beginning of 2011, hired Barclays and Is Yatirim Menkul Degerler AS (ISMEN), Turkey’s biggest broker, to manage the IPO. Is Yatirim was hired to sell 30 percent of the offered shares to investors in Turkey. The sale was 2.2 times oversubscribed locally and 1.8 times internationally, according to Is Yatirim.

Turkish Aerospace Industries, the state-owned maker of aircraft parts, plans to sell at least 20 percent of the company in an IPO this year, in a transaction valuing the company at $3 billion, Chief Executive Officer Muharrem Dortkasli said last year. The company hired Is Yatirim for the sale, he said.

To contact the reporters on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net or Dale Crofts at dcrofts@bloomberg.net

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