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
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.
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.