Hassana to invest USD2.4b in DP World’s flagship UAE assets
International law firm Clifford Chance has advised DP World, a global infrastructure-led supply chain solutions provider, on the USD2.4 billion investment in three of its flagship UAE assets by Saudi Arabia-based Hassana Investment Company, the investment manager for the General Organisation for Social Insurance.
Hassana will invest USD2.4 billion in a new joint venture with DP World through which Hassana will hold its economic interest in a stake of 10.2% in the Jebel Ali Port, Jebel Ali Free Zone and the National Industries Park. This investment is the second tranche of the sale of a strategic minority stake in these UAE assets, following the USD5 billion transaction which successfully closed earlier this year and implies a total enterprise value of approximately USD23 billion for the three assets.
The Clifford Chance team advising DP World was led by m&a partner Deniz Tas (pictured), together with support from a core team comprising partner Omar Rashid in Riyadh, as well as senior associates Tom Lloyd and James Dadford and associates Natasha El-Najjar, Tammie Le, Maximiliano Valli, Sima Al-Baterni and Ahmed Shafiek in Dubai.
The team was assisted by various experts from across the Clifford Chance network, including: Real Estate: Tariq Imam (partner, Dubai) and Shannon Burke (associate, Dubai). Financing: Graham Brewer (partner, Dubai) and Bola Coker (senior associate, Dubai). Capital Markets: Stuart Ure (partner, Dubai). Tax: Richard Kalaher (partner, London), Julian Feiner (director, London), Simon Corzberg (director, London), Alex Shaw (Lawyer, London) and Wanipa Ndhlovu (trainee solicitor, London). Antitrust: Greg Olsen (partner, London) and Stavroula Vryna (senior associate, London).
Addleshaw Goddard acted as co-advisers to DP World alongside Clifford Chance. The team was led by partner Ian Le Pelley.
The DP World legal team was led by James Pointon, vice president legal, with assistance from Angela Wang, group legal counsel (m&a).