Istithmar in $3.6 Billion Acquisition of Luxury Resort Developer

March 20, 2006

Cleary Gottlieb is currently representing Istithmar, a Dubai-based private investment firm, as part of a management-led investor group that has agreed to purchase Kerzner International Limited in a transaction valued at $3.6 billion. Istithmar presently owns approximately 12.3% of Kerzner International and will be its largest shareholder after completion of the deal.

Kerzner International is a leading developer and operator of destination resorts and luxury hotels, including its flagship Atlantis resort in the Bahamas and the ultra-luxury “One&Only” hotel chain. Kerzner International also is developing — in partnership with Istithmar — a new Atlantis resort on The Palm, Jumeirah, a multi-billion dollar, leisure and residential man-made island in Dubai.

Cleary previously represented Istithmar when it acquired its current interest in Kerzner International from the company in 2004.