UK: International law firm King & Spalding represented United International Bank (UIB), a Shariah compliant investment bank headquartered in Bahrain, on the Shariah compliant financing and structuring of UIB’s acquisition of UK-based BWA Water Additives. The transaction was completed on the 29th September.
UIB raised funding for the acquisition of the provider of industrial water treatment solutions under a senior Murabahah facilities agreement with The Royal Bank of Scotland and HSBC Bank as well as a mezzanine Murabahah facilities agreement with The Royal Bank of Scotland Equity Fund. King & Spalding said it represented UIB on the holding structure put in place for its equity investment, the entry into the Murabahah facilities agreements and all aspects of Shariah compliance, including all discussions with UIB’s Shariah board.
“UIB’s acquisition of BWA through a senior and mezzanine financing structured in accordance with the Shariah was a remarkable achievement in the current economic climate,” said King & Spalding partner Jawad I Ali, who led the legal team on the transaction.