Denton Wilde Sapte reprises advisory role for MENA Infrastructure Fund's investment in Oman's power sector
30 June 2009
Denton Wilde Sapte continues to act as legal
adviser for MENA Infrastructure Fund, picking up an instruction to
advise on its second investment, in which it has taken 32.8 per
cent of the shareholding in Oman's United Power Company SAOG
(UPC).
PC owns a 270 megawatt power station in Manah,
and is listed on the Muscat Securities Market. The 32.8 per
cent holding in UPC was opened to a competitive bid process
when GDF Suez was ordered to divest its founders’ shareholding by
the Omani Electricity Regulator.
"We're pleased to have acted again on another
successful regional acquisition for MENA Infrastructure Fund. Our
Dubai and Muscat offices combined to provide a full international
and local law service, which, together with our leading expertise
in the power sector, delivered the right result in a strongly
contested bid process," says Dubai Corporate partner Neil
Nicholson.
The $500 million private equity fund is
sponsored by HSBC, Waha Capital and Dubai International Capital and
invests in projects and companies in their early stages of
development across the Middle East and North Africa.
Denton Wilde Sapte's Middle East Corporate
team advised MENA Infrastructure Fund on its first investment in
April 2008, which saw it acquire an interest in two container
terminals in Egypt.
Neil led the Denton Wilde Sapte team with
Muscat partners Mary Allan and George Sandars. They were
assisted by Dubai associate Kerri Dewe, senior associate Ian
McGrath, and Muscat associates Victoria Noble and Hashim Abdel
Malik.