Sellers in Sale of 60% of Byrne Equipment Rental to GFH

Cleary Gottlieb represented the sellers in the sale to GFH Financial Group B.S.C. (GFH) of 60% of the share capital of Byrne Equipment Rental LLC (Byrne), one of the GCC’s leading industrial services and equipment rental providers, with an investment and capex program valued at approximately $400 million.

Founded in 1992 in Dubai, Byrne has grown to become one of the largest plant and equipment rental companies in the Middle East, offering a comprehensive “one-stop-shop” rental model. Byrne’s operations cover the United Arab Emirates, Saudi Arabia, Oman and Bahrain through 14 offices and a network of depots spanning more than 153,000 sqm, including its flagship Jubail depot, one of the largest logistics and operations hubs of its kind in Saudi Arabia. Byrne currently has a fleet of approximately 16,000 units and serves a diversified client base of more than 1,100 blue-chip customers across the GCC.

GFH is a leading GCC-based diversified financial group with operations and investments across the GCC, US, Europe, the U.K, 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. It has a market capitalisation of c. $1 billion and assets and funds under management exceeding $22.51 billion.

The Cleary team included senior counsel Gamal Abouali and associates Timofey Neklyudov, Rawad Abou Jaoude, Misthura Otubu, and Kay Hechaime. Partner Jim Ho and associates Pritika Advani and Yasmin Frischemeier advised on finance matters. Associate Daniela Weerasinghe advised on competition matters. Partner Richard Sultman and associates Peter North, Tommy Peet, and Bryan Chia advised on tax matters.