This study aims to develop a real business life caseon the two-step leveraged buyout transaction. Also, it is to share the casewith the audience that might be globally related since the financial system hasbeen global. And, consequently the language of financial reporting has beenbecoming uniquely global, too. In emerging economies, leveraged buyouttransactions might be interesting for some stakeholders. In Turkey, one of the big corporate restructuringprojects was to sell the majority shares of the Petrol Ofisi (The PO) that has been the leading oil distribution company.The PO privatization project and itsconsequences were gathered to develop the case. Since the PO was not onlystate-owned company during the privatization process, 7 % of the shares of thePO were publicly held in the IstanbulStock Exchange (ISE). In the first step, a shell company acquired the PO, inthe second step; the shell company and the PO(subsidiary company) were merged in the shell company. After the mergingprocess, the name of the company stated as the POagain since it has had a good reputation in the local market.  The company’s story which is discussed inthis study certainly does not resemble a typical privatization or a common mergingtransaction.