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United Overseas Group (UOG), an investment company controlled by Greek interests, is to acquire Dubai-based shipping company United Arab Chemical Carriers (UACC) in a deal that is still subject to regulatory approvals. Watson Farley & Williams (WFW) advised UOG in the acquisition, which was structured by way of a reverse triangular merger with the financing for the acquisition provided by alternative investment firm, EnTrust Global. The transaction will be the first such merger to be affected under the Companies Law of the Dubai International Financial Centre, WFW states.
Athens-headquartered UOG is a shipowning and investment company controlled by shipping investors and operators Peter Georgiopoulos and Leo Vrondissis, who have worked together on several projects over the past two years before founding UOG. UACC, headquartered in Dubai, was established in 2007 in the DIFC and specialises in the international transportation of refined products and chemicals. It currently owns and operates 20 vessels comprising nine IMO2/3 chemical tankers, two LR1 and nine MR tankers.
WFW worked with law firm Kramer Levin Naftalis & Frankel in advising UOG on the acquisition and other corporate elements of the project. AXIA Ventures Group acted as UOG’s financial advisor.
The cross-border WFW team that advised UOG included Dubai corporate partner Dhruv Paul. Speaking after the deal was concluded, Paul commented: “We are delighted to have played a part in this transaction, which will be the first such merger under the DIFC Companies Law. This precedent-setting transaction further underscores the DIFC’s position as a leading financial hub, with a sophisticated legal system and a proactive Authority.”
