{"id":74338,"date":"2023-10-23T00:00:00","date_gmt":"2023-10-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/10\/23\/brooge-hires-freshfield-as-legal-advisor-on-potential-gulfnav-acquisition\/"},"modified":"2023-10-23T00:00:00","modified_gmt":"2023-10-23T00:00:00","slug":"brooge-hires-freshfield-as-legal-advisor-on-potential-gulfnav-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/10\/23\/brooge-hires-freshfield-as-legal-advisor-on-potential-gulfnav-acquisition\/","title":{"rendered":"Brooge hires Freshfield as legal advisor on potential Gulfnav acquisition"},"content":{"rendered":"

Broo<\/strong>ge appoints Freshfields as leg<\/strong>al advisor on Gulfnav acquisition:<\/strong> Cayman Island-based oil infrastructure provider Brooge Energy<\/a> has hired British multinational law firm Freshfields Bruckhaus Deringer (Freshfields)<\/a> as its legal advisor to provide guidance on an acquisition bid from Gulf Navigation (Gulfnav)<\/a>, according to a press release<\/a>. <\/p>\n

Gulfnav put forward a proposal to fully acquire Brooge\u2019s businesses and assets earlier this month<\/strong>, according to a 3 October press release<\/a>. The company said that the proposed acquisition would be funded through a combination of direct payments and shares, and represents part of the company\u2019s growth strategy which sees it providing an integrated portfolio of services covering oil, gas, and petrochemicals. <\/p>\n

Still in early stages:<\/strong> Gulfnav is in the process of conducting due diligence on Brooge, and its advisors are still examining the proposed transaction, the company statement said. The move would be subject to regulatory approval, and is expected to close in 4Q 2023. <\/p>\n

What they said:<\/strong> \u201cThis anticipated strategic step represents a new stage in our growth journey; and while we are still at an early stage, we believe this expansion would contribute to further broadening our customer base and improving their experience by enhancing the logistics services that complement our business units,\u201d board member and Managing Director of Gulfnav Ahmed Kilani said in statements cited by the release.<\/p>\n

About Brooge:<\/strong> Founded in 2013, Brooge is a leading player in the crude oil storage sector with facilities and terminals applying advanced technologies. The company\u2019s only subsidiary, Brooge Petroleum and Gas Investment Company (BPGIC), is located in Fujairah where it is a market leader in the storage of crude oil products, fuel oil, refined fuel products, and crude oil extraction. BGPIC infrastructure in Fujairah has the capacity to store 6.3 mn barrels of oil, according to figures cited in Gulfnav\u2019s statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gulfnav is still conducting due diligence on the company, but expects to close the acquisition in 1Q 2024<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[941],"tags":[17,137,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74338","post","type-post","status-publish","format-standard","hentry","category-ma-watch-2","tag-enterprise-logistics","tag-ma-watch","tag-shipping-maritime","wpautop","entry"],"acf":{"mongo_id":"030e28a9-6ada-41ce-9290-38e93f5d4827","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/983.jpg,https:\/\/www.facebook.com\/broogeenergy\/photos","photo_position":"above","homepage_title":"","full_issue_title":"Brooge hires Freshfield as legal advisor on potential Gulfnav acquisition","related_issue":[74320],"teaser":"Gulfnav is still conducting due diligence on the company, but expects to close the acquisition in 1Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.c3293d36-4048-4846-a91a-5e4ffcea0e7f.mp3"},"yoast_head":"\nBrooge hires Freshfield as legal advisor on potential Gulfnav acquisition - 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