The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy’s (A&O) Dubai office has bagged a mandate acting for the Libyan Investment Authority (LIA) on its Can$317m (£190m) acquisition of Canadian-listed oil and gas exploration company Verenex.
The acquisition marks the first sortie of the Libyan government’s investment arm into the Canadian energy market, as well as the first time the magic circle firm has acted on one of its M&A transactions.
Corporate partner Pervez Akhtar, who rejoined A&O in March 2009 after a spell at Middle East private equity house Abraaj Capital, led a multijurisdictional team on the deal.
Akhtar was joined by fellow Dubai corporate partner Chris Thornes and Dutch corporate partner Robert Jan Lijdsman. Tax advice came from Dutch consultant Jan Ter Wisch. Canadian firm McCarthy Tétrault advised LIA on Canadian law. Its team was led by London managing partner Rob Brant.
Verenex was advised by Macleod Dixon, with corporate partner Andrew Love leading the team for the Canadian firm.
The acquisition was made at a price of Can$7.09 per share, plus an additional amount based on net working capital.
Akhtar said: “This acquisition is the first public acquisition in North America to be made by the LIA and demonstrates its continued commitment to developing Libya’s energy andinfrastructure industries.”
Verenex has a discovered resource base and exploration portfolio in Libya’s Ghadames Basin. Its shares had been listed on the Toronto Stock Exchange but have been delisted since the completion of the deal.