12 October 2020

Carey Olsen advises HWSI Realisation Fund in £80 million takeover by scheme of arrangement

A cross-practice team from Carey Olsen has advised HWSI Realisation Fund Limited (HWSI), a Guernsey company, on its £79.6 million takeover by Cubitt Trade Holdings LLC (Cubitt Trade).

The takeover, conducted by way of a Guernsey law scheme of arrangement, enabled Cubitt Trade, which is directly wholly-owned by PETRA Group Holdings Ltd (PETRA), to acquire in a single transaction a sizeable portfolio of credit assets fitting PETRA's investment strategy to acquire, fund and manage non-bank financial firms.

HWSI was originally established as a secured lender to UK SMEs and was premium listed and traded on the Main Market of the London Stock Exchange.

Working alongside onshore counsel Bryan Cave Leighton Paisner LLP, the Carey Olsen Guernsey team was led by corporate partner Ben Morgan and dispute resolution and litigation partner Tim Corfield, assisted by senior associates Vaishali Gupta and Adrian Sarchet.

Ben said: "As a firm we have acted on a series of notable takeovers in recent years effected by way of a scheme of arrangement approved by the Royal Court of Guernsey, and are pleased to have continued that trend with our lead role in this complex and interesting transaction."

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