Maitland advises Oppenheimer family on $5.1 billion De Beers deal

Maitland, the international legal and wealth services firm, is acting as sole external adviser to the Oppenheimer family interests in relation to their $5.1 billion agreement with Anglo American plc for the sale of a 40% interest in De Beers. London law firm Linklaters is representing Anglo.

Maitland has represented the Oppenheimer family in relation to both corporate and private client matters for over 30 years. The Anglo deal is the most significant transaction relating to the family’s interest in De Beers since the $19 billion transaction to take De Beers private in 2001 on which Maitland played a leading role.

Michael Solomon, Maitland Chairman, said: “Internationally wealthy individuals and family offices very often have complex affairs and major business interests in multiple jurisdictions that require the highest possible expertise in legal and tax matters. The ability to deliverhigh-level corporate and commercial legal work for families and high net worth individuals with significant corporate holdings is a core part of Maitland’s offering.”

Maitland specialises incross-border work, typified in this $5.1 billion De Beers/Anglo deal. The agreement is governed by English law and relates to interests in Luxembourg companies. The buyers and sellers are incorporated in other jurisdictions. De Beers’ underlying assets are mainly in Southern Africa and Canada. Adding to the complexity of the contractual arrangements is a shareholders pre-emptive right in favour of the Government of Botswana entitling it to purchase part of the interests in De Beers being offered.

The Maitland advisory team is led by Michael Solomon, who is based in Monaco, and Rupert Weber, Partner in London. SteveGeorgala, Maitland CEO, is advising on the tax aspects.