12 January 2017
The award-winning corporate team at Gowling WLG has acted on Dolphin Capital Investors' disposal of its Playa Grande Golf and Resort project, including the Amanera resort (the only Aman golf integrated resort in the world), to Third Point LLC, the company’s largest shareholder, acting on behalf of certain funds managed and/or advised by it.
Dolphin Capital Investors (DCI) is a leading investor in high-end residential resorts in the eastern Mediterranean, Dominican Republic and Panama. The disposal follows a broad marketing exercise concluding in a competitive process during which the company also received significant interest for Playa Grande from another reputable investor.
The disposal was agreed at an enterprise value of €140 million. The consideration of €64 million will be payable through €4.7 million in cash and the retirement of all of the company’s €50 million and US$9.17 million 2018 convertible bonds, the majority of which are held by certain funds managed and/or advised by Third Point (together with any accrued interest on the bonds).
Partners John Reed and Michael Lacey worked on the deal, along with Associate Emily Troubridge.
John said: "This was a complex transaction involving a unique, international resort. It's fantastic that we have played a part in allowing this project to progress, as well as further enhancing our global offering."
Gowling WLG's industry-leading UK Corporate team has extensive experience across the full spectrum of corporate advice, including both public and private mergers and acquisitions, equity capital markets on AIM and the Full List, investment funds and private equity. The team was recently highly commended in the Innovation in Mergers and Acquisitions category of the FT Innovative Lawyer Awards.