Kenyan law firms earned millions of shillings from a busy deals pipeline in the past two years, latest industry reports show.
The deals came in the form of mergers and acquisitions, debt and capital raising as well as corporate restructuring.
Legal fees typically range from 0.1 per cent to 0.5 per cent of deal value, according to an earlier Business Daily research based on regulatory filings.
London-based
consultancy Chambers & Partners says Nairobi-based commercial law
firm Anjarwalla & Khanna ranked top among the hotshot firms for its
handling of some of the largest deals, including UK based fund CDC
Group’s Sh14 billion investment in ARM Cement
The 2016 deal gave CDC a 42 per cent stake in the Kenyan cement firm.
Anjarwalla
& Khanna also acted for New York-based equity fund Kuramo Capital
on its $40 million (Sh4 billion) investment in TransCentury
through the acquisition of 24.99 per cent in the investment firm.
Bowmans
(Coulson Harney) acted for global paint manufacturer Kansai Plascon
during its multi-jurisdictional acquisition of Sadolin Paints valued at
over Sh10 billion giving it a place of pride in the yearly listing of
law firms.
The company also handled Kenya Airways’
$2.2 billion (Sh222.9 billion) debt and equity restructuring, keeping its deals pipeline fertile.
Kaplan
& Stratton, another Nairobi law firm, also made it to the coveted
Chambers list for its 2016 role in South African firm Pioneer
Food Group’s acquisition of a 49 per cent stake in the East African
business of UK breakfast cereal group Weetabix.
The law firm also helped KenolKobil
reorganise its operation – a move that allowed the firm to acquire assets previously owned by its subsidiary Kobil Petroleum.
Hamilton
Harrison & Mathews acted for Africa Logistics Properties on a $60
million (Sh6 billion) equity capital raise that earned it recognition in
the listing of top law firms.
Nairobi-based Iseme,
Kamau & Maema Advocates kept its presence on the list for its role
in chaperoning the International Finance Corporation’s (IFC) $35 million
(Sh3.5 billion) investment in Britam Holdings
.
The firm also acted for KCB Group
on a proposed Sh10 billion rights issue that was, however, indefinitely postponed.
Also
in the list are Daly & Inamdar, the law firm that acted for Sadolin
Paints on the multi-billion shilling sale of the company to Kansai
Plascon at a price of more than $100 million (Sh10.1 billion).
Mboya
Wangong’u & Waiyaki Advocates advised ABSA Barclays on the
establishment of Kenya’s first ETF, and the secondary listing of gold
bullion debentures on the NSE.
The law firm also acted
for Fusion Capital on the $80 million (Sh8.1 billion) establishment and
listing of a real estate development and construction investment trust.
MMAN
Advocates provided competition advice to petroleum distribution company
Buckeye Partners in relation to its acquisition of a 50 per cent stake
in VIP Terminal Holding, for a sum in excess of $1 billion (Sh101
billion).
The firm also advised TransCentury, as a
shareholder in Development Bank of Kenya, on the latter’s $3.2 million
(Sh324.2 million) rights issuance and private placement.
Walker
Kontos acted for KenGen on a rights issuance and the subsequent
subscription of untaken shares. It also represented Fidelity Commercial
Bank in the acquisition of its entire share capital by Mauritian lender
SBM Africa Holdings.
Kenya
has continued to cement its reputation as a hotspot for private equity
(PE) firms in Africa with global dealmakers trooping to Nairobi to seal
key deals, attracted by expected returns and an improved business
environment.
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