Global law firm White & Case LLP is acting as international counsel to CHAMP Private Equity Pte Ltd on the acquisition by entities associated with CHAMP of a 33.2% stake in Miclyn Express Offshore Limited (“Miclyn”) from Macquarie Capital Group Limited and related processes.
The consideration payable to Macquarie is approximately US$207 million plus an additional payment of up to approximately US$0.10 per share upon the achievement of certain earnings milestones by Miclyn.
Miclyn, which is listed on the Australian Securities Exchange, is a leading service provider to the offshore oil and gas industry across South-East Asia, Australia and the Middle East. It is incorporated in Bermuda and headquartered in Singapore. Miclyn charters a diverse fleet of over 120 Offshore Supply Vessels, Crew/Utility Vessels, Tugs and Barges to customers operating in the exploration, development and production phases of the offshore oil and gas cycle.
The transaction is CHAMP’s first investment into the South-East Asia region.
“We are delighted to represent CHAMP on this transaction, which demonstrates our international and multi-jurisdictional capabilities, and to continue to build our strong relationship with CHAMP, a leading financial sponsor headquartered in Singapore,” says William Kirschner, a Corporate Partner in Singapore.
The White & Case team is led by William Kirschner and Counsel Mae Shan Chong with support from a dedicated team of Partners and Associates in Singapore, Tokyo, Hong Kong, Washington DC, New York, Abu Dhabi and Riyadh. The completion of CHAMP’s acquisition is expected to occur in late October 2012.
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