Harneys acted as BVI legal counsel on the merger of third-party logistics companies UTi Worldwide Inc. and DSV which completed on 22 January 2016, in one of the largest ever takeovers of a publicly listed BVI company. The merger is valued at approximately US$1.35 billion and creates the fourth largest freight forwarder in the world.
The merger was completed before the markets opened in New York through the BVI Registry of Corporate Affairs’ new Premium Service, which facilitates faster turnaround for certain transactions and enabled the merger filing to be approved within 30 minutes of being submitted to the Registry.
Harneys acted as BVI counsel for NASDAQ-listed UTi Worldwide Inc., a long-standing client, on instruction from Cravath, Swaine & Moore LLP, New York.
"The BVI is renowned for its ‘Corporate Advantage’," said Greg Boyd, partner in Harneys' BVI practice. Greg continued, "This Corporate Advantage is achieved through the BVI’s progressive corporate laws which provide a corporate structural solution that adds value to cross-border corporate transactions. These corporate solutions protect the interests of investors, mitigate corporate risk, promote transaction success and provide effective and efficient corporate and business function. Consequently, the BVI has a reputation as the jurisdiction of choice for international mergers and takeovers. The BVI Registry of Corporate Affairs' new Premium Service is just one of many ways the BVI is continuing to enhance the services and solutions the BVI offers to global commerce participants that choose to transact through a BVI Business Company."
The Harneys team was led by BVI Corporate Partners Simon Hudd (London) and Greg Boyd (BVI) with Associate George Weston (BVI).
The BVI Registry Premium Service was introduced in 2015 to provide certainty to high value and otherwise important transactions. It guarantees a four hour turnaround time for transactions including mergers, continuations, amendments to memorandum and articles of association, change in shares and applications for registration of charge.