Port & Free Zone World FZE’s US$2.7 Billion Cash Offer For DP World PLC And Simultaneous Refinancing

Clifford Chance has advised Port & Free Zone World on its US$2.7bn cash offer for DP World PLC and both PFZW and Dubai World on the simultaneous US$8bn refinancing of Dubai World’s existing debt facilities.

DP World was the largest company by market capitalisation listed on Nasdaq Dubai until its delisting on 23 June 2020 following the successful completion of the offer. PFZW already held around 80% of the shares in DP World and the offer valued the entire share capital of DP World at US$13.9bn. The offer was fully funded by debt facilities.

The offer is the largest by value for a company listed on Nasdaq Dubai and the third Nasdaq Dubai takeover on which Clifford Chance has advised. The offer is also the first ever M&A transaction to be implemented by way of a scheme of arrangement under DIFC law.

Dubai Ports World is a logistics company based in Dubai, United Arab Emirates. It specialises in cargo logistics, port terminal operations, maritime services and free trade zones.

The Clifford Chance team drew expertise from various offices across its network and was led by partners Tim Lewis (London Corporate), James McCarthy (Picture – Dubai Corporate), Deniz Tas (Dubai Corporate), Robin Abraham (Dubai Finance), Graham Brewer (Dubai Finance), James Abbott (Dubai Litigation), Alex Nourry (London Antitrust), Mark Currell (Sydney Corporate) and Omar Rashid (Riyadh Corporate).

Involved fees earner: James Abbott – Clifford Chance; Robin Abraham – Clifford Chance; Graham Brewer – Clifford Chance; Mark Currell – Clifford Chance; Tim Lewis – Clifford Chance; James McCarthy – Clifford Chance; Alex Nourry – Clifford Chance; Omar Rashid – Clifford Chance; Deniz Tas – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Dubai World; Port & Free Zone World FZE;

Author: Michael Patrini.