State Controlled Companies/Sovereign Wealth Funds

For over 30 years, Shearman & Sterling's lawyers have been the trusted advisors to many state owned or controlled investment and development companies (some of which are referred to as Sovereign Wealth Funds) around the world. Our extensive global reach and longstanding presence in key financial centers and emerging markets, coupled with our knowledge of the local environment, has enabled us to advise these state owned or controlled investment and development companies in their most complex and uniquely challenging matters.

The practice’s unique characteristics include:

Market Leader:

  • Our Abu Dhabi office (est. 1975) is a market leader in representing state owned or controlled investment and development companies in the Middle East, and is complemented by 19 other offices of the firm
  • Advised state owned or controlled investment and development companies on over 150 transactions in the last decade throughout the Middle East, Asia, Europe and Latin America 
  • Chambers Global 2009 recognition:  “Clients benefit from...expert local knowledge and a really established track record of working with government-owned entities"

Integrated Global Platform:

  • Able to deliver multi-jurisdictional and multi-disciplinary advice on public and private investments, M&A, antitrust/competition, CFIUS, investor due diligence (including on FCPA and other regulatory matters), capital markets, projects, finance, fund formation, asset management and international arbitration

Exceptional Cross-Border Capabilities:

  • Able to leverage the knowledge and judgment of one of the world's largest and most accomplished cross-border legal teams to help our state owned or controlled investment and development company clients implement their short-term and long-term investment strategies

Notable Representations

A selection of our recent notable state owned or controlled investment and development company transactions includes representations of:

  • Aabar Investments PJSC in its $2.7 billion acquisition of a 9.1% interest in Daimler AG
  • Abu Dhabi Investors on participation in Barclays Bank PLC $10.5 billion capital raising
  • Abu Dhabi National Oil Company in its $10.0 billion joint venture with ConocoPhillips
  • Abu Dhabi United Investment & Development in its acquisition of Manchester City Football Club
  • Advanced Technology Investment Company in its $3.9 billion acquisition of Chartered Semiconductor Manufacturing; In the formation of GlobalFoundries
  • Ecopetrol S.A. in its US$1.9 billion agreement, along with Talisman Energy Inc., to acquire all of the outstanding shares of BP Exploration Company (Colombia) Limited
  • International Petroleum Investment Company in its disposal of approximately 13.5% of Barclays Bank PLC ordinary shares to numerous market investors
  • Mubadala Development Company in its $8.0 billion global business partnership with General Electric
  • Underwriters in connection with Petrobras International Finance Company's $2.5 billion notes offering
  • Underwriters in connection with Petróleos Mexicanos's $1.0 billion 144A/Regulation S offering
  • Qatar Holding LLC in connection with its $2.8 billion cornerstone investment in Agricultural Bank of China Limited (ABC)
  • Qatar Investment Authority in its €7 billion investment in Volkswagen AG and in Porsche Automobil Holding SE
  • Saudi Basic Industries Corp. in its $11.6 billion acquisition of GE Plastics
  • STMicroelectronics in its $3.1 billion joint venture with Intel and Francisco Partners; $1.2 billion sale of Numonyx Holding B.V. to Micron Technology, Inc.

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