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(Bloomberg) — Turkey hired Ernst & Young LLP to lead a multibillion-dollar privatization of two landmark Istanbul bridges and a string of highways, according to people familiar with the matter.
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The London-based firm will advise the government on the sale of operating rights to the 15 July Martyrs and Fatih Sultan Mehmet bridges — which connect Istanbul’s European and Asian halves — as well as at least nine toll roads, the people said, speaking on condition of anonymity as the details of the deal are private.
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Turkey also appointed Canada-based BTY Group as a technical adviser to the sale and plans to launch a formal tender process later this year, the people added.
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A 2012 attempt to privatize both bridges and 2,000 kilometers (1,243 miles) of highways drew a winning bid of $5.7 billion. The process later collapsed after President Recep Tayyip Erdogan, then the country’s prime minister, said a sale below $7 billion would amount to “treason.” The government expects new bids in excess of that figure, the people said.
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EY and BTY didn’t respond to requests for comment. Turkey’s Treasury & Finance Ministry couldn’t immediately be reached for comment. Some of the details around the advisers were reported earlier by Mergermarket.
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Around 430,000 vehicles cross the two bridges every day, Turkey’s Transport Minister said in July, with a standard car paying a toll of 59 liras ($1.36) each way, according to the latest fares.
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EY, one of the so-called Big Four accounting and auditing firms alongside Deloitte LLP, PricewaterhouseCoopers LLP and KPMG LLP, has previously advised on bridge, highway and hospital projects in Turkey, according to its website.
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—With assistance from Firat Kozok.
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English (US)