Clyde & Co advised Abu Dhabi Commercial Bank, Mashreq Bank PSC, The Royal Bank of Scotland PLC and the Hong Kong and Shanghai Banking Corporation (HSBC) in providing a US$434 million syndicated financing facility to Leighton, enabling it to acquire a 45% interest in Al Habtoor Engineering. The facility was provided on a structurally subordinated non-recourse basis to Leighton Holdings. This debt financing made up 60% of the overall acquisition funding with the remaining 40% as cash.
The Clyde & Co team advising on the transaction was led by Dubai-based finance partner Ashley Painter and assisted by associates Peter Caley and James Ireland.
Painter said of the deal: "Considering the difficult credit market conditions, the fact that the facility was signed represents confidence in the underlying business of Al Habtoor Engineering, the strength in the sponsors of the project, Leighton Holdings and Al Habtoor, and the dynamic nature of the underlying construction and engineering sectors in the UAE and Gulf economies. This is a very significant transaction."
Leighton Holdings Limited is Australia's largest project management and contracting group while Al Habtoor Engineering Enterprises is one of the largest construction companies in the Gulf region and is responsible for many of the Gulf's landmark building projects, including the iconic Burj Al Arab seven star hotel, Dubai International Airport and the Saadiyat Island Expressway in Abu Dhabi. The new company will be known as Al Habtoor-Leighton.
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Clyde & Co advises on syndicated financing for Leighton's 45 per cent stake at Al Habtoor
- United Arab Emirates: Monday, September 10 - 2007 at 14:54
- PRESS RELEASE
Clyde & Co has advised on the syndicated financing of the largest private sector acquisition by a foreign company of shares in a UAE company, Leighton Holdings' USD715 million acquisition of a 45 per cent stake in Al Habtoor Engineering Enterprises.
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Notes and media contacts
Middle East: Clyde & Co is the largest international law firm in the GCC with over 90 lawyers and paralegals in offices in Dubai and Abu Dhabi in the UAE, and in Doha, Qatar.The firm, which has recently been ranked as the top law firm in the UAE for the third successive year by the international legal directory 'Legal 500', is one of the few law firms in the region with a 'full service' capability and has particular strengths in aviation and aerospace, banking & finance, cross-border trade and investment, intellectual property, international arbitration, trade disputes, mergers & acquisitions, corporate & commercial, shipping, insurance, media & telecommunications, energy, capital markets, real estate & construction, and technology.
International offices: Clyde & Co is a leading international law firm with over 1,100 employees worldwide. The firm has offices in Abu Dhabi, Caracas, Doha, Dubai, Guildford, Hong Kong, London, Los Angeles, Moscow, Nantes, New York, Paris, Piraeus, Rio De Janeiro, Shanghai and Singapore and associate offices in Belgrade and St Petersburg. The firm also has an exclusive co-operation agreement with a major law office in Iraq.
For further information about Clyde & Co in the Middle East please contact:
Clinton Swan - Business Development & Marketing Manager (Middle East Region)
Clyde & Co
Tel: +971 4 312 8568
For further international information about Clyde & Co please contact:
Lisa Mercer - Head of Communications, London
Clyde & Co
Tel: +44 (0)20 7648 1981
Posted by Medilyn Manibo, Assistant News EditorMonday, September 10 - 2007 at 14:54 UAE local time (GMT+4)
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