Dubai—Dentons has acted as legal counsel to a syndicate of regional banks led by Mashreqbank on the Islamic financing of the proposed AED1 billion acquisition of Byrne Group, an equipment rental company servicing the construction, industrial, oil and gas and events industries in the GCC.

Itqan Investments, owned by Saudi Sheikh Hamad Al Sulaiman together with Tamar VPower Energy Fund, a vehicle jointly managed by Hong Kong-based power company VPower Group International, and CITIC Pacific Ltd., the overseas arm of a diversified Chinese conglomerate, acquired the entire issued share capital of Byrne Equipment Rental LLC and its subsidiaries.

The acquisition enhances Byrne’s plans to launch into the Asian market, following its success across the UAE, Oman, Bahrain, Kuwait, Qatar and several locations in Saudi Arabia.

Partner and Head of Islamic Finance in the Middle East, Qasim Aslam, said, "This is a significant regional transaction. It highlights the heightened interest and confidence in Middle East mergers and acquisitions. We are very proud to have been the preferred choice of adviser for the banks in this regard."

The Dentons team was led by partner Qasim Aslam, with support from senior associate Jane Flournoy.

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