In a deal that marks the first time that the UK Takeover Panel shares jurisdiction with the Cyprus Securities and Exchange Commission, the London team of Latham & Watkins advised U.C.E. Synttech Holdings on its cash offer for IG Seismic Services (IGSS).
IGSS is a Cypriot company with operations in Russia and global depositary receipts listed on the London Stock Exchange. It is a land and transition zone seismic company, offering seismic acquisition, data processing and interpretation services in Russia and CIS. The offeror is controlled by Nikolay Levitskiy, the current CEO of IGSS and the offer values IGSS at approximately USD 312.5 million.
The Latham & Watkins team was led by Graeme Sloan and Richard Butterwick, both corporate partners in London. Butterwick stated: “The UK’s Takeover Code applies to non-UK companies incorporated within the European Economic Area with securities admitted to listing in London. The practice of listing Cypriot holding companies with global depositary receipts in London has increased in recent years for companies with operations in Russia and the CIS, and this is the first takeover offer for such a company.”