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Conyers advised a shareholder consortium (“Aqua”) on its acquisition of all the shares in Floatel International Ltd. (“Floatel”), a Bermuda exempted company listed on the Oslo Børs which owns and operates floating accommodation and construction support vessels for its Brazilian and North Sea clients.
The acquisition was completed by way of amalgamation which involved the incorporation of a new Bermuda company, Aqua Pellentesque Ltd., which then amalgamated with Floatel, with the Aqua consortium paying for Floatel shares at a cash consideration price of NOK 19.50 per share. Following this, the amalgamated company de-listed its shares from the Oslo Børs. The transaction completed on September 9, 2011.
Guy Cooper of Conyers Dill & Pearman provided Bermuda law advice to the Aqua consortium alongside Wiersholm, Mellbye & Bech, who acted as Norwegian counsel. Wikborg Rein provided Norwegian counsel to Floatel International Ltd.