Norton Rose's £500m Bahraini coup
Norton Rose's corporate and finance departments have advised three Bahrain Government bodies on the $506m (£257m) acquisition of a stake in Bahrain Telecommunications Company (Batelco) from Cable & Wireless (C&W). Norton Rose was first instructed on the deal - said to be the largest telecoms deal to date in Bahrain - last November. It secured the mandate due to its longstanding relationship with Bahrain's Ministry of Finance. London corporate partner Campbell Steedman led the Norton Rose team and was assisted by Patrick Watson-Thorp in Bahrain.
January 31, 2007 at 07:07 PM
2 minute read
Norton Rose's corporate and finance departments have advised three Bahrain Government bodies on the $506m (£257m) acquisition of a stake in Bahrain Telecommunications Company (Batelco) from Cable & Wireless (C&W).
Norton Rose was first instructed on the deal – said to be the largest telecoms deal to date in Bahrain – last November. It secured the mandate due to its longstanding relationship with Bahrain's Ministry of Finance. London corporate partner Campbell Steedman led the Norton Rose team and was assisted by Patrick Watson-Thorp in Bahrain.
The firm advised three bodies, the Bahrain Mumtalakat Holding Company, the Pension Fund Commission and the General Organisation for Social insurance,
on the acquisition of a 20% stake in Batelco from C&W.
Trowers & Hamlins corporate partner Abdullah Mutawi advised C&W. Prior to joining Trowers, Mutawi was with Norton Rose for four years, heading up the litigation practice of the City firm's Bahrain arm where the clients he advised included Batelco and the Bahrain Government. C&W was also advised by in-house lawyer Rupert Hopley.
The transaction was run through Cayman Island holding companies. Norton Rose was assisted by Maples and Calder in the Cayman Islands, while Trowers was assisted by Cayman Islands firm Charles Adams Ritchie & Duckworth. Norton Rose's Bahrain office, led by finance associates Michael Dunphy, Victoria Sim and Judith Tosh, advised the funding banks, Gulf International Bank as facility agent and Ahli United Bank as security trustee, on a $400m (£202m) loan facility.
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