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Sale of Target Engineering Construction Co LLC to Arabtec Holdings PJCS

Sale of Target Engineering Construction Co LLC to Arabtec Holdings PJCS

Trowers & Hamlins is acting for the founding shareholders on the sale of 38% of the share capital of Target Engineering Construction Co LLC (Target) to Arabtec Holdings PJCS (Arabtec), which was a 60% shareholder of Target.  The transaction is valued at approximately US $73 million.

Having advised on the 2007 sale of 60% of the share capital of Target to Arabtec, Trowers & Hamlins was recently retained by the founding shareholders for this latest transaction.  The transaction increases Arabtec's stake in Target to a 98% shareholding.

Target is one of the leading single source engineering, procurement and construction (EPC) contractors in the UAE and focuses on EPC work in the oil and gas sector. Target has operations in the UAE, Qatar, Saudi Arabia and other countries.

This deal marks continued M&A activity in the oil and gas sector in Abu Dhabi where Trowers & Hamlins has acted on a number of transactions over the last 12 months.

The team is led by partner Guy Danalis who is assisted by senior associate Shaun Hardiman.