Meysan Partners’ latest deals
Meysan Partners has advised the selling shareholders of UAE-based creative agency Expression on its sale to M&C Saatchi, the world’s biggest independent creative agency. The sale, for an undisclosed amount, will enable M&C Saatchi to aggressively build its presence in the Middle East, building on its existing network of offices in Abu Dhabi and Beirut.
Expression’s Dubai and Abu Dhabi offices will continue to be led by founder and former managing director Scott Feasey as CEO and Ryan Reed as creative partner.
The sale of Expression marks an important step in M&C Saatchi's regional expansion, enabling it to continue to build its client portfolio in the United Arab Emirates, adding to a list that includes Mashreq Bank, Etihad, Unilever, Carrefour and Go Sport.
The Meysan team was led by senior partner Bader El-Jeaan and included partner George Oti, with support from senior associate Michel Ghanem.
The firm also advised the UAE-based logistics group, Tristar Transport LLC, on its acquisition of Abu Dhabi-based Emirates Ship Investment Company, also known as "Eships", from Egon Oldendorff GmbH & Co. KG, a company of the Oldendorff Group, for USD90 million.
Under the terms of the deal, Tristar acquired a fleet of seven ocean going chemical tankers which includes two LPG tankers under long term time charter to an oil major. These vessels will be phased into the company’s existing fleet and then fixed out long term charter deals, in line with company policy. According to Oldendorff Carriers’ COO, Peter Bagh,the sale is also in line with Oldendorff’s plan to focus on dry cargo shipping business.
In a related move Tristar is due , from May this year, to start taking delivery of its six brand new 50,000 MT clean petroleum product tankers from Korean builder Hyundai Mipo Dockyard and built at cost of USD200 million. This acquisition of ESHIPS and the new building program, together with its existing coastal fleet, will bring the Tristar-owned shipping fleet strength to more than 20 vessels.
Tristar was represented by Meysan Partners, as transaction counsel, and Gibson Dunn & Crutcher, as finance counsel. The Meysan team was led by senior partner Bader El-Jeaan and included partner George Oti, with support from associates Michel Ghanem, Mosaed Al Ajeel, Mazen Zein and Dania Tayan.
