BVI Financial Sector Shines with 2023’s Complex Cross-Border Transactions

Throughout 2023, the British Virgin Islands (BVI) financial services sector through a series of intricate cross-border transactions, showcased its strength and depth of expertise on the global stage.

Amidst the year’s challenges, BVI firms were at the forefront of numerous high-value, sophisticated transactions spanning IPOs, acquisitions, restructurings, and more. Furthermore, the BVI solidified its position as a hub for cutting-edge financial services, enhancing its expertise and regulatory framework in burgeoning areas like virtual assets, fintech, and climate finance, thereby attracting top-tier market participants.

Mergers and Acquisitions

Appleby BVI and Conyers BVI played pivotal roles in facilitating a significant international acquisition involving Shift4 and Finaro, bolstering clearing technology provision and online merchant banking in Europe.

Meanwhile, Ogier advised Fortress Investment Group on its acquisition of Vice Media Group, a deal valuing the media giant at £350 million ($445 million).

Conyers provided counsel to B2Gold Corp. in its acquisition of AngloGold Ashanti Limited’s 50% stake in the Gramalote Project, solidifying B2Gold’s ownership.

Harneys navigated a business combination between Maxpro Capital Acquisition Corp. and Apollomics Inc., culminating in Apollomics’ shares debuting on the Nasdaq Capital Market.

Walkers served as BVI counsel to Lumentum Holdings in its acquisition of Cloud Light Technology Limited, further expanding Lumentum’s reach.

Gold Leaf Consulting successfully navigated a multi-million-dollar private asset sale, overcoming procedural hurdles to release escrowed funds.

Restructuring

Maples and Calder advised Sunac China Holdings Ltd. on restructuring its $10.2 billion offshore debt, marking a monumental achievement in China’s real estate landscape.

Conyers aided All Year Holdings Limited in concluding a successful restructuring and provisional liquidation.

Capital and Funding

Conyers advised Commonwealth Bank of Australia on a five-year AU$500 million syndicated credit facility to Gold Fields Limited, a landmark sustainability-linked loan transaction in the Australian mining industry.

Additionally, Conyers facilitated Telegram Group Inc.’s issuance of $210 million bonds, supporting the firm’s expansion plans.

Walkers advised NCL Corporation Ltd. on issuing up to $900 million in senior secured notes, a significant financing move for the Norwegian cruise line.

Carey Olsen advised Socket Technologies Limited on its $5 million investment round, contributing to fintech and digital innovation.

Initial Public Offerings

Harneys facilitated the successful IPO of Pono Capital Three, Inc., a special purpose acquisition vehicle, raising $115 million for future acquisitions.

Digital Assets

Harneys BVI spearheaded the launch of the industry’s first crypto hedge fund managed accounts through the 3iQ Managed Account Platform, signaling a new era in digital asset investment.

Teneo BVI played a crucial role in the liquidation of 3 Arrows Capital, securing assets and upholding regulatory standards in the digital asset space.

Ministerial and CEO Statements

Hon. Lorna Smith, OBE, Minister of Financial Services, Labour, and Trade, lauded BVI’s financial prowess, citing its adaptability and innovation in an evolving market.

Elise Donovan, CEO of BVI Finance, highlighted the territory’s resilience and adaptability in meeting global demand for specialized financial services.

BVI’s financial triumphs in 2023 reaffirm its status as a premier international financial center, committed to excellence, innovation, and global economic prosperity.