Dentons advised banks on Islamic financing for Byrne Group sale
Acquisition by Itqan Investments to finance Asian market entry by GCC rental powerhouse
Dentons has revealed that it acted as legal counsel for a syndicate of regional banks led by Mashreqbank advising on the Islamic financing of the proposed $270 million acquisition of Byrne Group by Itqan Investments.
Byrne is an equipment rental company servicing the construction, industrial, oil and gas and events industries in the GCC. Through the recently completed transaction, Itqan Investments purchased the entire share capital of Byrne Equipment Rental LLC and its subsidiaries.
The organisation (which is owned by Saudi Sheikh Hamad Al Sulaiman together with Tamar VPower Energy Fund, a vehicle jointly managed by Hong Kong-based power company VPower Group International, and CITIC Pacific Ltd., the overseas arm of a diversified Chinese conglomerate) hopes to enhance Byrne’s ambition to launch into the Asian market, having its successfully built a business that operates across the UAE, Oman, Bahrain, Kuwait and several locations in Saudi Arabia.
The Dentons team was led by partner and head of Islamic Finance in the Middle East Qasim Aslam, with support from senior associates Atif Choudhary and Jane Flournoy.
“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,” said Aslam.
