Transactions undertaken by Obeidat Law have ranged in size from several million dollars in the local Jordan market to a few billion dollars outside Jordan, particularly in the telecom sector in Africa and the Middle East.
Mergers & Acquisitions and Securities
Our experience in mergers and acquisitions and general securities work spreads over various economic sectors such as telecommunications, manufacturing, services, food, transportation, financial services and others. We consistently represent a number of major international and local clients in transactions in Jordan.
Our lawyers have participated in a wide array of assignments covering legal due diligences, drafting of documents and participating in negotiations leading to a number of successful transactions. Attorneys at Obeidat Law have also frequently assisted local and regional companies in listing their stocks on exchanges in Amman and the MENA region.
- Advising a Jordanian bank on the acquisition of the assets and business operations of a Lebanese bank in Jordan and Iraq. We acted as counsel to the purchaser and had a supervisory role with respect to the Iraqi side of the transaction. We advised the client on the draft transaction documents prepared by seller’s counsel and participated in the negotiation and finalization of such documents, as well as in advising the client with respect to regulatory aspects involving banking regulators in both countries. The firm is currently advising the client in relation to completion of the transaction in the two jurisdictions;
- Advising HSBC Bank Middle East on its sale of its Jordanian operating branches to the Arab Jordan Investment Bank. While we continue to handle matters related to that sale, our main role in the transaction involved assisting our client in the negotiation of the legal aspects of the sale and purchase agreement, advising the client on all legal and regulatory aspects relating the proposed structure of the transaction, and attending meetings with the Central Bank of Jordan on various regulatory and mechanical issues relating to the implementation of the sale, and attended to all post-completion matters including those relating to the transfer of pledges, mortgages and other security interests associated with the credit facilities transferred to the purchaser;
- Advising a client, in conjunction with international counsel, on its acquisition of shares in a company registered in Jordan and involved in the renewable energy sector. The firm was responsible for the preparation and negotiation of the local law documents and in attending to the Jordanian law related issues as they applied to the transfer of shares, including without limitation, commenting on the transaction’s SPA, making the necessary amendments to the Memorandum & Articles of Association of the target company as well as reviewing and commenting on the various corporate resolutions;
- Advising Fotowatio Renewable Ventures, in conjunction with international counsel, in connection with its acquisition of a majority stake in two project companies that operated two separate projects as part of the Round II Solar Direct Proposal projects. Our role involved conducting corporate and regulatory due diligence on the target companies, assisting international counsel in the drafting and negotiation the SPA and SHA, and assisting in obtaining relevant regulatory approvals for the transaction as well as the completion of the transfer before the Controller of Companies Department;
- Representing certain buyers on their acquisition of a stake in Airport International Group which is a company registered in Jordan and entrusted with a concession to rehabilitate, expand and operate the Queen Alia International Airport. The buyers included, among others, an existing shareholder. Our firm’s role was to review and comment on the transaction documents which were prepared by international counsel, review and approve the changes to the constitutional documents of the target, advise in relation to the transfer of certain shareholders’ loans in connection with the transaction and facilitate the exit of the existing shareholders. The transaction between equity and shareholders’ loans was valued at an excess of $500 Million;
- Representing Zain (Mobile Telecommunications Company) on its acquisition of 61% of the shares of Mobitel, Sudan’s leading mobile operator, to bring our client’s ownership of the company to 100%. Our firm’s role was to conduct the due diligence on the target in coordination with local Sudanese Counsel, draft the transaction documents and advise the client on the negotiation and successful conclusion of the transaction valued at around $1.3 billion;
- Advising Potash Corporation of Saskatchewan Inc. (Canada), the world’s largest potash producer, on its 26% acquisition of the publicly listed company, Arab Potash Company plc, from the Jordanian Government for a value of $173.3 million. Our role included conducting the legal due diligence on the target, participating in the negotiation and drafting of the transaction documents and closing the transaction. In 2018, we advised PCS on its exit of the investment in APC for a value in excess of $500 million;
- Advising the Brunei Investment Agency on the negotiation, documentation and ultimate acquisition of a 37% stake in the publicly listed entity, Jordan Phosphate Mines Company plc, from the Jordanian Government. The acquisition was for a value of $111 million. Our role was to advise the client on the negotiation of the transaction documents and to take the transaction to a successful conclusion. We have recently advised the BIA on the disposition of the JPMC investment to a couple of Indian-based buyers in a sale transaction that was valued at $128.5 million;
- Successfully representing Yahoo! Inc. in its acquisition of the Jordanian-based Maktoob.com, a limited liability company, from its Jordanian owners for an undisclosed sum. Our firm conducted the necessary legal due diligence and participated in commenting on and revising transaction documents prepared by international counsel, and we participated in executing the transaction and providing Yahoo! with post transactional support;
- Advising one of the leading logistics solutions companies in Jordan with companies in the British Virgin Islands and the UAE on a transaction relating to an investment by the International Finance Corporation and by Foursan Capital Partners in the company. Our role included advising on the transaction documents, negotiation and successful conclusion of the transaction.