23 June 2015
Clifford Chance advised the Saudi Public Investment Fund (PIF), the investment arm of the Saudi Government, on the acquisition of a 38% stake consisting of new and existing shares in Posco Engineering & Construction Co Ltd (Posco E&C), a leading Korean engineering and construction company with operations in Asia, the Middle East, South America and Europe. The parties are also presently considering their strategic options for Saudi Arabia including the potential establishment of an EPC/construction company in the Kingdom of Saudi Arabia.
Commenting on the deal, Lead Partner, Riyadh-based Omar Rashid said: "We were delighted to work with PIF on this landmark transaction which represents PIF's first significant outbound investment. Given the strength and depth of our Saudi practice, together with our renowned capabilities in Seoul, Clifford Chance was ideally placed to provide PIF with seamless advice on both the Korean and Saudi aspects of the transaction."
NCB Capital and JP Morgan were the joint financial advisors for PIF and Bank of America Merrill Lynch advised POSCO and Posco E&C on the transaction. Commenting on the deal, Wassim Al Khatib, Head of Investment Banking for NCB Capital, said: "We are glad Clifford Chance worked as legal counsel on this important transaction given the firm's strength in the M&A field out of its Riyadh office. They were always available and provided excellent and insightful advice throughout."
The Clifford Chance corporate team based in Saudi Arabia continues to advise on some of the country's most prominent deals including advising Savola Group on the SAR 910 million sale of Savola Packing Systems Company to Takween Advanced Industries Company, Bahri on the US$1.3 billion merger of the fleets and operations of Bahri and Vela International Marine Limited and Aujan Industries Co. on the sale of approximately half of the equity in its beverage business to The Coca-Cola Company for US$980 million.
The Clifford Chance team was led by Omar Rashid (Partner, Riyadh). Omar was supported by Hyun Kim (Partner, Seoul), Khalid Al-Abdulkareem (Partner, Riyadh), Sahel Mughal (Senior, Associate, Riyadh), Chee Kwan Kim (Counsel, Seoul), Dan Park (Associate, Seoul) and Jean-Francois Seguin (Associate, Riyadh).
In 2015, Clifford Chance celebrates 40 years of operations in the Middle East since opening its first office in Sharjah in 1975. Over the past four decades the Firm has expanded from a single office to having a strong presence in Abu Dhabi, Dubai, Doha and Riyadh with more than 120 permanently based lawyers in the region who are fully integrated into the Firm's international network of 36 offices in 26 countries.
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Rebecca Settle, BD Manager, Middle East, Clifford Chance, on +971 4 362 0444.
Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2015 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
Clifford Chance's Middle East Corporate practise is recognised in directories, awards and by our peers as being in the top tier for M&A. For example we were recently awarded the prestigious M&A Team of the Year award at the Corporate Counsel Awards-Middle East and have also been ranked by Mergermarket in 1st place in 2014 for M&A deals by value in the Middle East. Clifford Chance Law Firm in Riyadh is also the current IFLR Saudi Law Firm of the Year.
Clifford Chance advised the Saudi Public Investment Fund (PIF), the investment arm of the Saudi Government, on the acquisition of a 38% stake consisting of new and existing shares in Posco Engineering & Construction Co Ltd (Posco E&C), a leading Korean engineering and construction company with operations in Asia, the Middle East, South America and Europe. The parties are also presently considering their strategic options for Saudi Arabia including the potential establishment of an EPC/construction company in the Kingdom of Saudi Arabia.
Commenting on the deal, Lead Partner, Riyadh-based Omar Rashid said: "We were delighted to work with PIF on this landmark transaction which represents PIF's first significant outbound investment. Given the strength and depth of our Saudi practice, together with our renowned capabilities in Seoul, Clifford Chance was ideally placed to provide PIF with seamless advice on both the Korean and Saudi aspects of the transaction."
NCB Capital and JP Morgan were the joint financial advisors for PIF and Bank of America Merrill Lynch advised POSCO and Posco E&C on the transaction. Commenting on the deal, Wassim Al Khatib, Head of Investment Banking for NCB Capital, said: "We are glad Clifford Chance worked as legal counsel on this important transaction given the firm's strength in the M&A field out of its Riyadh office. They were always available and provided excellent and insightful advice throughout."
The Clifford Chance corporate team based in Saudi Arabia continues to advise on some of the country's most prominent deals including advising Savola Group on the SAR 910 million sale of Savola Packing Systems Company to Takween Advanced Industries Company, Bahri on the US$1.3 billion merger of the fleets and operations of Bahri and Vela International Marine Limited and Aujan Industries Co. on the sale of approximately half of the equity in its beverage business to The Coca-Cola Company for US$980 million.
The Clifford Chance team was led by Omar Rashid (Partner, Riyadh). Omar was supported by Hyun Kim (Partner, Seoul), Khalid Al-Abdulkareem (Partner, Riyadh), Sahel Mughal (Senior, Associate, Riyadh), Chee Kwan Kim (Counsel, Seoul), Dan Park (Associate, Seoul) and Jean-Francois Seguin (Associate, Riyadh).
In 2015, Clifford Chance celebrates 40 years of operations in the Middle East since opening its first office in Sharjah in 1975. Over the past four decades the Firm has expanded from a single office to having a strong presence in Abu Dhabi, Dubai, Doha and Riyadh with more than 120 permanently based lawyers in the region who are fully integrated into the Firm's international network of 36 offices in 26 countries.
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Rebecca Settle, BD Manager, Middle East, Clifford Chance, on +971 4 362 0444.
Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.
Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2015 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
Clifford Chance's Middle East Corporate practise is recognised in directories, awards and by our peers as being in the top tier for M&A. For example we were recently awarded the prestigious M&A Team of the Year award at the Corporate Counsel Awards-Middle East and have also been ranked by Mergermarket in 1st place in 2014 for M&A deals by value in the Middle East. Clifford Chance Law Firm in Riyadh is also the current IFLR Saudi Law Firm of the Year.
Rebecca Settle
Business Development Manager, Middle East
Clifford Chance LLP
Building 6, Level 2
The Gate Precinct
Dubai International Financial Centre
PO Box 9380
Dubai
United Arab Emirates
Direct Line: +971 4 362 0717
Mobile: +971 50 659 6926
rebecca.settle@cliffordchance.com
© Press Release 2015
