Built to inform

Sign up for the daily newsletters

No, Thank you

Dentons advises on Islamic financing for Byrne Group acquisition

Dentons has acted as legal counsel to a syndicate of regional banks on the Islamic financing of the proposed $272m (AED1bn) acquisition of Byrne Group

The Dentons team was led by partner Qasim Aslam, with support from senior associates Atif Choudhary and Jane Flournoy.
The Dentons team was led by partner Qasim Aslam, with support from senior associates Atif Choudhary and Jane Flournoy.

Dentons has acted as legal counsel to a syndicate of regional banks led by Mashreqbank on the Islamic financing of the proposed $272m (AED1bn) acquisition of equipment rental company Byrne Group.

Saudi-owned Itqan Investments, together with Tamar VPower Energy Fund, a vehicle jointly managed by Hong Kong-based power company VPower Group International, and China-based CITIC Pacific, have acquired the entire issued share capital of Byrne Equipment Rental and its subsidiaries.

The Dentons team was led by partner Qasim Aslam, with support from senior associates Atif Choudhary and Jane Flournoy.

READ: Dentons advises Damac on tender offer, new sukuk

The acquisition enhances Byrne’s plans to launch into the Asian market, following its success across the UAE, Oman, Bahrain, Kuwait, Qatar and several locations in Saudi Arabia, according to a company statement.

Partner and head of Islamic Finance in the Middle East, Qasim Aslam, said: "This is a significant regional transaction. It highlights the heightened interest and confidence in Middle East mergers and acquisitions. We are very proud to have been the preferred choice of adviser for the banks in this regard."

Byrne Group is an equipment rental company servicing the construction, industrial, oil and gas and events industries in the GCC.

Most popular

Awards

CW Oman Awards 2019: Countdown begins for gala event in Muscat
The winners and highly commended entries of the eighth CW Oman Awards will be named

Conferences

Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy
Construction Week's Leaders Kuwait 2018 summit opens
Speakers from Kuwait's Supreme Council for Planning and Development and CSCEC ME are at today's

Latest Issue

Construction Week - Issue 734
Mar 21, 2019