Slaughter and May is advising United Energy Group Limited in relation to its acquisition of Kuwait Energy plc
Slaughter and May is advising United Energy Group Limited (UEG) in relation to its acquisition of Kuwait Energy plc for cash consideration of up to approximately US$650 million.
The acquisition was announced on 24 September 2018 and constitutes a major transaction under the Hong Kong Listing Rules.
UEG is one of the largest listed independent upstream oil and gas corporations in Hong Kong, with business presence in South Asia. UEG and its subsidiaries are principally engaged in the investment and operation of upstream oil, natural gas and other energy related businesses.
Kuwait Energy plc is principally an upstream oil and gas company with exploration, appraisal, development and production activities in a number of countries including Iraq, Egypt, Yemen and Oman.
The acquisition is expected to be a significant milestone in implementing UEG’s medium and long-term growth strategy by diversifying its asset portfolio and allowing it to materially enter markets in the Middle East and North Africa.
Slaughter and May supported UEG’s internal legal team, Leslie Zhang, Yinli Zhang and other UEG in-house counsels.