Deloitte, a leading global provider of audit, consulting and financial advisory services, said it had played a major role in helping United Arab Chemical Carriers (UACC) clinch the merger deal with United Overseas Group.

A Dubai-based company, UACC was established in 2007 as a shipping business engaged in the international transportation of refined products and chemicals.

It currently owns and operates 20 vessels comprising nine IMO2/3 chemical tankers, two LR1 tankers and nine MR tankers. Additionally, it operates two vessels on bareboat charter.

Shareholders consist of a number of regional sovereign wealth funds, government institutions and prominent family offices.

Deloitte was appointed by the UACC board in October 2018 to support management in the sale of the company. In May last year, Maritime Equity Management (MEM), a management company led by Peter Georgiopoulos, an experienced shipping investor and operator, was selected as the preferred bidder.

Robin Butteriss, Partner, Corporate Finance Advisory at Deloitte Middle East, led this complex, precedent-setting transaction which has been structured as a reverse triangular merger with UOG, a wholly owned a subsidiary of MEM, said the statement from Deloitte.

This will be the first such merger under the Companies Law of the Dubai International Financial Centre (DIFC).

"We are honoured to have been selected as trusted advisors by UACC as the company embarks on this new chapter, especially as it is the first merger of its kind under the Companies Law of the DIFC," remarked Butteriss.

"This merger highlights the opportunities available in the GCC and wider Middle East market as well as Deloittes Financial Advisorys ability in the Middle East to deliver large complex transactions involving multiple service lines," he added.-TradeArabia News Service

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