Clifford Chance

Clifford Chance advises TAWAL on $1.42 billion Shari'a compliant acquisition financing

Leading international law firm Clifford Chance has advised TAWAL (a subsidiary of telecommunications operator Saudi Telecommunication Company (stc)) on Shari‘a-compliant term loan and bridge finance facilities to fund the acquisition of three telecommunications tower asset companies in Bulgaria, Slovenia and Croatia from the United Group. The $1.42 billion bridge and term facilities were provided by a club of UAE and Non-UAE based Islamic financial institutions and will be used to support TAWAL's expansion into three strategic jurisdictions in Southeast Europe.

The Clifford Chance team was led by Partner and Global Head of Islamic Finance Qudeer Latif with support from senior associate Greg Jehle, as well as senior associate Suzanne Dand and trainee solicitor Meave Chapman.

Partner Qudeer Latif comments "We are delighted to have advised TAWAL on its first acquisition financing. This Shari‘a-compliant financing will support TAWAL's strategic expansion".

Consistently ranked Band 1 in legal directories, Clifford Chance was named Banking Legal Adviser of the Year at the Bonds, Loans & Sukuk Middle East Awards 2022, International Law Firm of the Year (Middle East) at the Middle East Legal Awards 2023 and Middle East International Law Firm of the Year at the Chambers Middle East Awards 2021. Clifford Chance was also awarded 15 awards at the recent Bonds, Loans and Sukuk Awards 2023.