Walkers' BVI Office Celebrates its 20 Year Anniversary

Walkers is celebrating 20 years of operating in the British Virgin Islands.

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Guernsey Climbs Legal 500 Rankings

Walkers' Guernsey office is now ranked by Legal 500 as Tier 1 for legal advisers in five of its core practice areas.

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10 Walkers' Lawyers Recognised in Asia Business Law Journal's Top 50 Offshore Lawyers 2022

10 lawyers across Walkers' Bermuda, Cayman, Hong Kong and Singapore offices have been recognised in the Asia Business Law Journal’s A-List of top offshore lawyers.

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Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
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Walkers BVI Advises on the Completed US$11.6 billion Merger of Pfizer and Biohaven

Walkers is pleased to have acted as British Virgin Islands ("BVI") counsel to Pfizer Inc. (NYSE:PFE) on its US$11.6 billion cash acquisition of Biohaven Pharmaceutical Holding Company Ltd (NYSE: BHVN), which closed on Monday 3 October. The take-private transaction was implemented by way of a BVI statutory merger and represents the largest ever takeover of a publicly-listed BVI company by transaction value.

This transaction underscores Walkers' leading M&A practice in the BVI and its high-value cross border capabilities supported by its corporate services arm Walkers Corporate (BVI) Limited

Pursuant to the transaction, Pfizer acquired all of the outstanding shares of Biohaven not already owned by Pfizer for $148.50 per share in cash, for a total transaction consideration of approximately $11.6 billion. As a result of the acquisition, Biohaven became a wholly-owned subsidiary of Pfizer. Effective immediately prior to the closing of the acquisition, Biohaven completed the spin-off of Biohaven Ltd, distributing Biohaven Ltd.’s shares to Biohaven’s shareholders. Pfizer, a Biohaven shareholder, received a pro rata portion of Biohaven Ltd.’s shares in the distribution and owns approximately 3% of Biohaven Ltd. Biohaven Ltd. will continue to trade on the New York Stock Exchange under the ticker (NYSE: BHVN).

Commenting on the transaction, BVI Managing Partner Matthew Cowman said, "We are delighted to have worked alongside Ropes & Gray on such an important transaction for Pfizer. Transactions like this demonstrate Walkers' credentials as the go-to firm in the BVI for high-value cross border M&A and once again highlights the attractiveness of the BVI as a jurisdiction that can facilitate complex cross-border M&A deals for our global listed clients".

The Walkers team, comprising Matthew Cowman, Alex Drysdale, Rosalind Nicholson, Syed Islam and McKay Andrew, advised Pfizer on the transaction in concert with US counsel Ropes & Gray.

Walkers Advises Pasaca on Bermuda Class 3A Insurer Licence

Walkers is pleased to have acted as Bermuda counsel to Pasaca Insurance Co. Ltd ("Pasaca") in their application for a Bermuda Class 3A insurer licence from the Bermuda Monetary Authority.

Pasaca is part owned by Pasaca Group, a PE investment firm with core expertise in the life sciences industry and owns one of the world’s leading manufacturers and distributors of COVID-19 rapid antigen test kits.  Pasaca will be a primary insurer of Pasaca Group including global product liability and professional liability risks.   

The Walkers team was led by partner and co-lead of Re/Insurance & ILS Peter Dunlop and Regulatory & Risk Advisory senior counsel Melanie Fullerton.

Walkers acts as Bermuda Counsel to Canopius ILS Ltd in US$75 million Multi-Peril Cat Bond

Walkers (Bermuda) Limited has acted as Bermuda counsel to Canopius ILS Ltd, a Bermuda based insurance agent in relation to Finca Re Ltd, a Bermuda special purpose insurer and issuer of an US$75 million multi-peril 144A catastrophe bond ("cat bond") listed on the Bermuda Stock Exchange ("BSX").

Launched in June 2022, the Finca Re Ltd. Series 2022-1 cat bond benefits a number of Canopius underwriting entities, including Canopius Syndicates 4444 and 1861, and provides aggregate reinsurance protection for US named storms and earthquakes on an industry indexed trigger basis, for a three year term.

Walkers Bermuda's insurance team was led by partners Peter Dunlop and Sarah Demerling and included senior counsel Melanie Fullerton and senior associate Cathryn Minors, who worked on the formation and licensing of Finca Re Ltd. and advised on the Bermuda legal and regulatory aspects of the cat bond issuance. Partner Natalie Neto advised on the BSX listing.

Walkers (Cayman and Jersey) Acts on Further Global's Investment in Phaidon International

Walkers is pleased to announce it acted as Cayman Islands and Jersey counsel to Further Global Capital Management, L.P. in relation to its investment in Phaidon International, a professional services firm focused on identifying, sourcing and securing business critical talent for clients globally. Further Global's investment will continue to fuel Phaidon International's growth which will see the business scale to beyond 1,400 staff and 15 offices around the world by the end of 2022.

The Walkers team of Matt Bernardo, Erin Panton, Jennifer Sangaroonthong and Melissa Lim in the Cayman Islands, and Christopher Reed, Luke Steele and Ruth Donnellan in Jersey, were delighted to have had the opportunity to assist Further Global with another important acquisition.  

Walkers advises on one of the first foreign limited partnership continuance under new regime in Jersey

Walkers has advised on one of the first continuances of a foreign limited partnership into the Island of Jersey.

A Walkers team, led by Group Partner Christopher Reed, advised on the migration of the limited partnership working alongside lead counsel in the Netherlands, and corporate services provider Hawksford in Jersey.

Christopher was assisted by a team including Senior Associate Ruth Donnellan.

The transaction involved the migration of a foreign limited partnership into Jersey using the newly introduced statutory migration scheme for the continuance of non-Jersey limited partnerships pursuant to the Limited Partnerships (Continuance) (Jersey) Regulations 2020 (Walkers' briefing on the subject can be found by clicking here).

A Hawksford team, led by Director Darren Toudic and Associate Director James Quinn, assisted with the corporate administration aspects of the continuance.

Walkers' Investment Funds & Corporate Practice Group has specialist experience in M&A, restructuring and general corporate matters involving regulated and unregulated businesses, often working with teams across multiple jurisdictions.

Christopher Reed, Group Partner, Walkers said: "We are very pleased to have advised our clients on this novel transaction – we expect this new migration regime to provide a useful route into Jersey for many clients looking to redomicile their partnership vehicles, thereby enabling them to take advantage of the fantastic financial services environment that Jersey has to offer."

James Quinn, Associate Director, Hawksford, added: “We are delighted to have worked closely with Walkers as a trusted partner, supporting our client with their corporate structuring requirements.  This is an important development for Jersey, and one which makes it easier for existing structures to access Jersey’s political and economic stability, robust regulatory environment, and deep pool of industry expertise.”

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