Cleary Gottlieb Advised Sellers In Sale Of 60% Stake In Byrne Equipment Rental To GFH
Cleary Gottlieb advised sellers on sale of 60% stake in Byrne Equipment Rental to GFH Financial Group in a USD 400 million deal.
Cleary Gottlieb advised Sellers in Sale of 60% Stake in Byrne Equipment Rental to GFH
The premier international law firm, Cleary Gottlieb Steen & Hamilton LLP represented the sellers in connection with the sale of 60 percent of the share capital of Byrne Equipment Rental LLC to GFH Financial Group B.S.C. The transaction forms part of an investment and capital expenditure program valued at approximately USD 400 million.
Byrne Equipment Rental LLC is one of the leading industrial services and equipment rental providers in the Gulf Cooperation Council (GCC) region. Established in Dubai in 1992, Byrne has developed into one of the largest plant and equipment rental companies in the Middle East, offering a comprehensive “one-stop-shop” rental model.
The company operates across the United Arab Emirates, Saudi Arabia, Oman, and Bahrain through 14 offices and a network of depots covering more than 153,000 square meters. This includes its flagship Jubail depot, one of the largest logistics and operations hubs of its kind in Saudi Arabia. Byrne currently maintains a fleet of approximately 16,000 units and serves a diversified client base of more than 1,100 blue-chip customers across the GCC region.
GFH Financial Group B.S.C. is a leading diversified financial group based in the GCC, with operations and investments spanning the GCC, United States, Europe, United Kingdom, North Africa, and India. GFH is listed on four stock exchanges, including the Bahrain Bourse, Boursa Kuwait, Abu Dhabi Securities Exchange, and Dubai Financial Market. The group has a market capitalization of approximately USD 1 billion, with assets and funds under management exceeding USD 22.51 billion.
The Cleary Gottlieb team advising on the transaction included Gamal Abouali (Senior Counsel) and Associates Timofey Neklyudov, Rawad Abou Jaoude, Misthura Otubu, and Kay Hechaime.
Finance aspects of the transaction were led by Jim Ho (Partner), with support from Associates Pritika Advani and Yasmin Frischemeier.
Competition law advice was provided by Daniela Weerasinghe (Associate). Tax-related aspects were handled by Richard Sultman (Partner), with assistance from Associates Peter North, Tommy Peet, and Bryan Chia.
Cleary Gottlieb Steen & Hamilton LLP is a premier international law firm founded in 1946, renowned for handling complex, high-stakes legal matters for multinational corporations, financial institutions, and sovereign governments. With 14 offices in major financial centers and ~1,100 lawyers, it excels in M&A, capital markets, antitrust, and litigation.
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