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NEWS


Carey Olsen advises on £1.5bn acquisition


CHANNEL ISLANDS LAW firm Carey Olsen has advised Colfax UK Holdings Limited on its acquisition of Charter International plc through a Jersey scheme of arrangement. This deal is believed to be the largest transaction of its kind in Jersey, with an estimated value of $2.4bn in cash and stock. Colfax UK Holdings Limited is a subsidiary of Colfax


CISX enjoys rise in listings


Corporation, a US-based international industrial group listed on the New York Stock Exchange. A Carey Olsen cross practice team was instructed


by, and worked in conjunction with, Skadden, Arps, Slate, Meagher and Flom, and included Partner Guy Coltman and Associate Kate McCaffrey from Carey Olsen’s Corporate and Finance Group, and Partner Robert MacRae and Senior Associate Andreas Kistler from the firm’s Litigation Group. n


THE CHANNEL ISLANDS Stock Exchange (CISX) admitted nearly 498


new securities to its official list in 2011, a 40 per cent increase on the previous year. The predominant type was specialist debt, and within that category Special Purpose Vehicles (SPVs) represented 58 per cent of securities listed, with most domiciled either in the UK or Jersey. The total number of securities admitted to the Official List as at the end of December stood at 4,333. CISX Chief Executive Tamara Menteshvili (pictured), commented: “Given


the prevailing economic conditions, these figures are extremely encouraging for the exchange, particularly as the year ended with a flourish, with 117 securities admitted to the Official List in December. The amount of additional capital raised during the 12 months – nearly £300 million – is an impressive figure, and clearly highlights one of the potential benefits for issuers of listing on the exchange.” n


Jersey e-gaming receives boost


Guernsey insurance boom


THE NUMBER OF insurance licenses issued in Guernsey last year rose more than 50 per cent compared to the previous 12 months. Figures show the Guernsey Financial Services Commission licensed 72 international insurers during 2011, which is a 53 per cent increase from the 47 approved during 2010. This has helped push the net number of international insurance entities licensed in Guernsey to 687 at the close of 2011. Martin Le Pelley, Chairman of the Guernsey International Insurance


Association (GIIA), said: “It is encouraging for Guernsey’s insurance market that we are seeing such positive trends when an economic and political storm is engulfing the rest of Europe. The uncertainty created by the credit crunch and subsequent recession shows how important proper risk management is within companies operating in the European market and elsewhere.” n


ON 25 JANUARY, Jersey Enterprise confirmed that Playtech, one of the world’s leading e-gaming software and content specialists, applied to the Jersey Gambling Commission (JGC) for a Remote Gambling licence under authority granted by the Remote Gambling (Jersey) Regulations 2008. The application is a significant step for the island’s e-gaming strategy, and comes following many months of talks between Jersey Enterprise, the JGC and Playtech. This included meetings with Playtech’s Chief Executive Mor Weizer during Jersey’s business delegation visit to Israel in May 2011. On the application, Weizer said: “We are delighted


to be seeking an operating licence in Jersey. We met last year with the Jersey authorities in Israel who convinced us of the merits of the new licensing regime and their commitment to the sector. With many of our existing licensees having operations in the Channel Islands, it makes good sense for us to seek a licence in Jersey to support our customers from a regulated jurisdiction with a first-class infrastructure.” n


10 businesslife.co February/March 2012 Stay on top of the latest business news from the Channel Islands at www.businesslife.co





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