5 August 2011
Hong Kong – Mayer Brown JSM is pleased to announce that it has advised Cido Tanker Holding Co. in an agreement to sell 30 product tankers to Diamond S Shipping, in a transaction which would quadruple the size of the Diamond S fleet.
The acquisition by Greenwich, Conn.–based Diamond S Shipping is subject to customary closing conditions and is being financed by a group of investors including its founding investor First Reserve Corp.,investor WL Ross & Co. and China's state-owned fund manager China Investment Corp., supplemented by debt financing by Nordea Bank Finland and DnB Nor Bank ASA.
Mayer Brown JSM acted for Cido on this transaction which has been structured as a sale of shares in various vessel-owning companies.
The Mayer Brown JSM team was led by M&A partner Mark Uhrynuk, with assistance from senior associate Hwei Davies. Specialist shipping advice was provided by partner Alastair MacAulay and finance-related advice by partner Francis Chen and associate Dora Ying, all from the Hong Kong office of Mayer brown JSM. Tax related support was provided by partner Sandy Bhogal and associate Stephen Green in London and by partner Kenneth Klein in Washington.