Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised a joint venture formed by its long term client Teekay LNG Partners LP, and Marubeni Corporation, on its successful bid to acquire of A.P. Moller Maersk’s LNG shipping fleet, at a value of $1.4bn. Teekay will have 52% of the joint venture.

The transaction includes the acquisition of a 100% ownership interest in six LNG carriers and a 26% ownership in two additional LNG carriers, in addition to related time charter contracts.  The acquisition will be financed by a combination of bridge loan facilities and existing liquidity. 

The deal was signed in Copenhagen on 12 October 2011, and is expected to close during the fourth quarter of 2011, subject to charterers’ consent and regulatory authority approval.

The WFW team was led by Head of Shipping, Nigel Thomas, assisted by partners Mark Tooke and Andrew Baird, and on the Competition side partner Emanuela Lecchi, with assistants Patrick Smith, Kavita Shah, Jason Logendra, Neil O’Donnell, David Galea and Rhodri Thomas.

A team from the Danish law firm Plesner led on all Danish law issues, headed by partner Henrik Lønberg.