Legal deals of the week (August 13, 2020)
Clifford Chance advises Noor Investment Group on the sale of Islamic insurance entities; Bracewell represents international investment consortium on First Utility Scale Renewables IPP in Qatar and Pinsent Masons has advised NV5 Global Inc on its acquisition of Mediatech Design Group.
Clifford Chance advises Noor Investment Group on the sale of Islamic insurance entities
Clifford Chance advised Noor Investment Group in relation to the 100 per cent sale of the shares of both Noor Takaful General PJSC and Noor Takaful Family PJSC to Dar Al Takaful PJSC. The transaction was valued at AED215 million and completed on July 26, 2020.
The Clifford Chance team was led by Mohammed Al-Shukairy (regional managing partner – Middle East, Dubai) with support from Jack Hardman (counsel, Dubai), Gareth Dray (senior associate, Dubai) and Massimiliano Valli (associate, Dubai).
The transaction was approved by the shareholders of Dar Al Takaful, the Securities and Commodities Authority and the Insurance Authority.
Mohammed Al-Shukairy said, ”We are delighted to have worked with the Noor Investment Group team on this important transaction, and for the deal to have completed in an efficient timeframe in the challenging environment presented as a result of COVID-19.”
Bracewell represents International Investment Consortium on First Utility Scale Renewables IPP in Qatar
Bracewell LLP acted as lead international counsel to an international investment consortium, comprised of Siraj Energy, Marubeni Corporation and Total Solar, in the development and implementation of the first utility-scale renewables independent power project in Qatar. The transaction reached financial close on July 22, 2020.
The 800.15 MW Al Kharsaah solar photovoltaic IPP, which is located 80 kilometers west of Doha, will meet up to 10 percent of Qatar’s peak electricity demand when the project reaches total capacity. The power plant will help diversify Qatar’s energy generation resources and enable the country to host the first carbon-neutral FIFA World Cup in 2022.
Bracewell lawyers involved in the transaction included partners Andrej Kormuth, Oliver Irwin, Clint Steyn and Tom Swarbrick and associates Ade Mosuro, Bagyasree Nambron and Shayan Naji.
Pinsent Masons advises NASDAQ listed NV5 Global Inc, in acquiring UAE-based technology and security consultancy
Pinsent Masons has advised Nasdaq-listed NV5 Global Inc on its acquisition of Mediatech Design Group – a leading technology company providing security, enterprise IT, and building technology solutions headquartered in Dubai
Pinsent Masons advised NV5 Global Inc., a Nasdaq listed company, on the transactional documentation and on the unique acquisition for the region due to the complex structure of Mediatech, which involved the key business being run through a civil company, similar to a UK partnership.
Publicly listed NV5 Global, Inc. is a provider of professional and technical engineering and consulting solutions. Mediatech Design Group (“Mediatech”) is a technology company providing security, enterprise IT, and building technology solutions in the Middle East and North Africa (MENA) region and South East Asia. Mediatech is headquartered in Dubai and is a leader in technology design services for the hospitality, industrial, healthcare, commercial, retail, and convention center markets.
The deal, completed in July 2020, was led by Mohammad Tbaishat, corporate partner specialising in mergers and acquisitions and included Alexandra Aikman, Nathalia Elhage and Amira El Kholany.
Mohammad Tbaishat, partner, head of corporate at Pinsent Masons Middle East, commented on the process behind the acquisition, “We congratulate NV5 on their expanded portfolio in the region, and are delighted to have delivered this seamless strategic acquisition for them. Showcasing our team’s comprehensive knowledge of local laws and practice provided NV5 with multiple structuring options, which led to the successful conclusion of the transaction in just a matter of months. We are proud that the outcome reinforces our position as a leading M&A firm in the Middle East.”
