Clifford Chance advises buyers on acquisition of Byrne Group

The firm is acting as the buy-side legal advisor on the proposed AED1 billion acquisition of the entire issued share capital of Byrne Equipment Rental LLC and its subsidiaries.

Clifford Chance is acting as the buy-side legal advisor on the proposed AED1 billion acquisition of the entire issued share capital of Byrne Equipment Rental LLC and its subsidiaries (Byrne Group).

The acquisition has been made through Tamar VPower Energy Fund I (the Fund), an equally contributed investment fund by VPower Group International Holdings Limited (VPower) and CITIC Pacific Ltd. (CITIC Pacific), together with Itqan Holding Limited, owned by Sheikh Hamad Al Sulaiman via a joint venture company incorporated for the acquisition. Clifford Chance is also advising the joint venture company on the financing from a syndicate of banks located in the region. The Byrne Group is a diverse equipment rental supplier in the Gulf Cooperation Council (GCC) region.

The Clifford Chance team was led by Mohammed Al-Shukairy (M&A partner) and Deborah Walker (finance partner) and included senior associates Zahra Shahab and Igor Bichenkov and associates Osama Lone and Mavi Mudiaga-Erhueh. Hong Kong-based partner Amy Lo and associate Cherry Ho also assisted.