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The British Virgin Islands office of Conyers Dill & Pearman has recently advised on three high-profile merger and acquisition transactions that have completed in quick succession.
In a transaction that closed on 22 January 2016, Conyers advised DSV, the Danish transport and logistics group, on the take-private of UTi Worldwide, the NASDAQ-listed logistics group. The US$1.35 billion acquisition is believed to be the second ever largest takeover of a publicly listed BVI company and results in DSV becoming the fourth-largest global freight forwarder.
In addition, Conyers advised Mercuria Energy Group, one of the world’s largest independent energy and commodities trading companies, on a strategic investment by ChemChina, the state owned chemical giant. The transaction, which resulted in ChemChina acquiring a 12% stake in Mercuria, closed on 15 January 2016.
Finally, in a complex transaction that closed on 10 December 2015, Conyers also advised CCR, the Brazilian infrastructure and transportation group, on its acquisition of certain additional equity interests in Quito International Airport. The US$232 million transaction involved the Aecon Group, the Canadian construction and infrastructure development firm, selling its 45.5% stake in the Quito International Airport to both CCR and Grupo Odinsa, the Colombian infrastructure group. Following the transaction, CCR and Grupo Odinsa each hold a 50% interest in Quito International Airport.
Corporate partner Anton Goldstein and associate Patrick Ormond advised on all three transactions.
Commenting on the deals, Anton said: “Last year was a record year for global mergers and acquisitions and, as a leading international financial centre with half a million active companies, it is not surprising the BVI has also seen a boom in M&A work.
From a BVI perspective, what is particularly interesting about these transactions is that they demonstrate the importance and versatility of BVI companies across a variety of sectors, asset classes and geographies. From an international logistics group with its principal offices in the United States, to a global energy and commodities trading group operating in more than 50 countries, to a major infrastructure asset in South America, the British Virgin Islands has an important role to play.
We are pleased to have been involved in this series of high-profile and interesting transactions and I believe they underscore Conyers’ leading position in advising on large and complex M&A transactions in the British Virgin Islands.”