TLT advises Orastar on international acquisition

In a complex international transaction, TLT has advised Orastar Limited (BVI) as buyer in relation to the acquisition funding for the purchase of a significant interest in Trans World Associates (Private) Limited, a Pakistan registered sub-marine fibre optic cable operator, from an Egyptian seller.

Funding was provided by Orastar itself and structured debt facilities from both a club of Pakistani banks (Habib Bank Limited and the National Bank of Pakistan) and a bilateral bridge finance from Askari Bank Limited, Pakistan. With security over assets in Dubai, there was also a UAE involvement, adding to the complexity of the deal.  

The deal was originated and structured by asset managers Halkin Investments Holding Limited (London and Dubai), and, working closely with Halkin, TLT successfully delivered the transaction within its challenging deadline. Critically, the deal once again demonstrates TLT’s ability to do complex international debt transactions for corporate clients and banks.

The transaction was led throughout by legal director Catharine MacDonald and partner Richard Hughes, supported by legal assistant Pepi Ivanov. 

Mr Bashir Ahmed, CEO of Halkin Investments Holding Limited, comments: “This transaction is unique in the Pakistani telecom sector as it involved multiple geographies and multiple financial institutions. We are committed to our global client base for customised solutions.” 

Rich Hughes, partner at TLT, comments: “This deal, which ran for five months, shows our capabilities in an international acquisition deal. It shows the strength of our Indian sub-continent and MENA practice and our banking team, and that we can do the highest quality international work.”