The Kuwait office of Al Tamimi & Company, the largest law firm in the Middle East, acted as the Kuwait legal counsel for Goshawk Aviation Limited, a joint venture between Investec and Chow Tai Fook Enterprises in an agreement to acquire the fleet of 15 Airbus A320s for $507 million (KWD149 million) from Jazeera Airways Group, through its wholly-owned subsidiary Sahaab Aircraft Leasing Company. The transaction is subject to customary closing conditions and regulatory approvals and is likely to be completed during the second quarter of this year.
The transaction is the largest asset acquisition in Kuwait in 2015. Al Tamimi & Company’s Kuwait office is representing the Investec Joint Venture in all Kuwait aspects of the acquisition including this initial stage, regulatory approvals and all anticipated closing requirements.
Commenting on the acquisition, Al Tamimi & Company’s Head of Office and Partner, Alex Saleh, said: “The success of the transaction demonstrates Al Tamimi & Co’s strong capabilities in providing counsel, guidance, and support to global, regional and local companies doing business in the Kuwait and the region”.
Partner Philip Kotsis, who led the Al Tamimi & Company team on the deal, also stated, “This transaction demonstrates the confidence that global investment banks have in Al Tamimi & Co and is one of several aviation transactions we have been involved in during the past year”.
Recently, Al Tamimi & Company has served as counsel on other landmark deals in Kuwait, including the $1.4 billion Az-Zour IWPP project, other aircraft deals, and some of the country’s largest oil and gas contracting matters.
William Coleman of FreshFields Bruckhaus Deringer LLP, the international legal counsel for the joint venture purchaser stated, “We were delighted to have been involved in this transaction in one of the Middle East’s most dynamic sectors, a transaction that gives our client immediate exposure to regional and other airlines outside of their portfolio and one that really plays to the strengths of our regional asset finance practice.”