Conyers Dill & Pearman has advised Foster Wheeler, an engineering and construction company and power equipment supplier, on its agreement to acquire MDM Engineering Group.
Based in South Africa and incorporated in the British Virgin Islands (BVI), MDM Engineering is a minerals process and project management company focused on the mining industry. The company provides a range of services from preliminary and final feasibility studies through to plant design, construction and commissioning.
The purchaser is a newly incorporated BVI company — which is an indirect wholly owned subsidiary of Foster Wheeler — that entered into a merger implementation agreement with MDM Engineering to acquire all of the ordinary shares and options in issue of MDM Engineering in a cash transaction valued at approximately $109m (£66m)
The transaction is subject to MDM Engineering shareholder approval and other closing conditions.
The Conyers team, which worked alongside Latham & Watkins on the transaction, was made up of Anton Goldstein and Patrick Ormond.