City trio fuel cross-border sale of Pearl energy to Abu Dhabi investment vehicle
Simmons & Simmons, Allen & Overy (A&O) and Lovells have landed roles on the $833m (£421m) sale of Singapore energy company Pearl Energy to Abu Dhabi Government-owned investment vehicle Mubadala Development Company. Simmons advised regular client Aabar Energy, the Abu Dhabi-based upstream oil and gas company that sold Pearl to Mubadala. The firm fielded a team headed by Abu Dhabi corporate and projects partner George Booth.
June 04, 2008 at 10:36 PM
2 minute read
Simmons & Simmons, Allen & Overy (A&O) and Lovells have landed roles on the $833m (£421m) sale of Singapore energy company Pearl Energy to Abu Dhabi Government-owned investment vehicle Mubadala Development Company.
Simmons advised regular client Aabar Energy, the Abu Dhabi-based upstream oil and gas company that sold Pearl to Mubadala. The firm fielded a team headed by Abu Dhabi corporate and projects partner George Booth.
Simmons worked opposite A&O on the transaction, where Dubai corporate partner Pervez Akhtar led the team advising Mubadala, acting alongside corporate partner Simon Roderick.
The deal, which completed earlier this month, follows Booth's January role advising Aabar on the sale of its drilling company, Dalma Energy, to GulfCap for around $466m (£235.3m).
Commenting on the transaction, Booth told Legal Week: "As far as I am aware it is one of the biggest M&A deals between two Abu Dhabi entities for some time. That is an indicator of the liquidity in the local market."
On the Pearl deal Booth worked alongside Dubai Islamic financing partner Muneer Khan, who advised on the associated early redemption of a convertible sukuk.
The $460m (£233m) sukuk was issued by Aabar in 2006, with the proceeds used to buy assets in the oil and gas industry that were held through subsidiaries including Pearl. Mubadala's acquisition of Aabar's Pearl shares triggered the early redemption. It is thought to be the first early redemption of a convertible sukuk in the region.
Lovells advised the issuers of the sukuk, Aabar Sukuk, with Dubai-based partner Rahail Ali heading up the team.
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