A&O and Debevoise advise on $9bn foreign direct investment into Egypt
Allen & Overy (A&O) and Debevoise & Plimpton are among a raft of law firms leading on the $9bn (£5.7bn) public takeover offer of Orascom Construction Industries (OCI), in a deal backed by Microsoft co-founder Bill Gates. The deal has seen the Egyptian construction and fertiliser group secure $2bn (£1.3bn) in investment, including $1bn (£640m) from US investors led by Gates' holding company, Cascade Investment.
January 31, 2013 at 07:02 PM
2 minute read
Microsoft's Bill Gates joins backers for public takeover of Egyptian construction group OCI
Allen & Overy (A&O) and Debevoise & Plimpton are among a raft of law firms leading on the $9bn (£5.7bn) public takeover offer of Orascom Construction Industries (OCI), in a deal backed by Microsoft co-founder Bill Gates.
The deal has seen the Egyptian construction and fertiliser group secure $2bn (£1.3bn) in investment, including $1bn (£640m) from US investors led by Gates' holding company, Cascade Investment.
The deal has been executed via the entity OCI NV, which launched an exchange offer for OCI's globally traded share receipts. OCI NV is listing on the NYSE Euronext Amsterdam, in a deal touted as generating fresh investment into Egyptian infrastructure and allowing the company greater access to international capital markets.
The deal also marks one of the largest foreign direct investments involving Egypt since the 2011 Arab Spring.
A&O advised OCI NV on the transaction with a team led by Middle East head of corporate Andrew Schoorlemmer (pictured), which also comprised Abu Dhabi corporate partner Nick Stuart, Amsterdam corporate partners Tim Stevens and Robert Jan Lijdsman, London capital markets partner Robert Williams and US head of M&A Eric Shube.
Schoorlemmer commented: "Given there were corporate, banking and capital markets issues to deal with across the Middle East, the Netherlands, London and New York, the transaction was challenging but drew to an immensely satisfying conclusion. I have a feeling we will soon see OCI NV become a top 10 company on Euronext Amsterdam."
Former A&O Amsterdam tax partner Jan Ter Wisch is acting as a non-executive independent director on OCI NV's board. The law firm also acted alongside Egyptian law firm Sarie-Eldin & Partners.
Meanwhile, Debevoise advised Cascade on corporate and tax matters related to US and English law with a team that included New York corporate partner Kevin Schmidt, London managing partner Jim Scoville and New York tax partner Peter Furci.
Benelux law firm NautaDutilh advised Cascade on the Dutch legal aspects of its investment with banking partner Petra Zijp and senior associate Monique Lumeij-Dorenbos, while Egyptian corporate law and arbitration practice Zulficar & Partners provided local counsel.
Egyptian outfit Zaki Hashem & Partners was the legal adviser to the banks.
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