King & Spalding announced that it represented United International Bank B.S.C.(c), a Shari'ah-compliant investment bank headquartered in Bahrain, in connection with the Shari'ah-compliant financing and structuring of UIB's acquisition of UK-based BWA Water Additives. The transaction was completed on September 29.
UIB raised funding for the acquisition under a senior murabaha facilities agreement entered into with The Royal Bank of Scotland plc and HSBC Bank plc and a mezzanine murabaha facilities agreement entered into with The Royal Bank of Scotland Equity Fund.
King & Spalding represented UIB on the holding structure put in place for its equity investment, the entry into the murabaha facilities agreements and all aspects of Shari'ah compliance, including all discussions with UIB's Shari'ah board.
The King & Spalding legal team on the transaction was led by partner Jawad I. Ali (London and Dubai) and counsel Mike Rainey (London), with assistance from partner Andrew Metcalf (New York) and associates Bolu Majekodunmi (London), Sara Carmody (Dubai), James Stull (Dubai) and Kai-Ting Yang (New York).