Fox Williams LLP has advised Realty Invest Holding LLP (RIH), a limited liability partnership incorporated in Kazakhstan, on its US$46 million unrecommended takeover of main market listed Chagala Group limited (Chagala). Chagala is a specialist service and facility provider predominantly working with oil and gas companies and their service providers in Kazakhstan.
The offer was priced at US$2.15 per share in cash, representing a premium of 52 percent to the 12 month average price per Chagala share. The offer closed 28 September 2018 and, as a result of the offer, RIH now controls approximately 67 percent of the issued share capital of Chagala.
Chagala was one of the defendants in relation to litigation in the British Virgin Islands initiated by a shareholder, TIPP. The takeover offer by RIH was one of the conditions to the settlement of those proceedings.
Borko Moric, the new CEO of Chagala, said: “Following a lengthy process to achieve our overall strategy we are delighted to have concluded this transaction successfully. We want to thank the team at Fox Williams for the excellent support they provided throughout.”
Commenting on the Chagala acquisition, Guy Morgan, partner in the corporate group at Fox Williams, said: “We are very pleased to have advised RIH on this transaction, which brings an end to protracted litigation and provides stability to Chagala’s business”.
Fox Williams’ corporate team was led by partners Richie Clark and Guy Morgan, supported by associate Charlotte Eliasson. Partner Peter Ashford advised TIPP as to the litigation. Chagala was advised by Morgan, Lewis & Bockius UK LLP.