Pinsent Masons advises on the acquisition of the Port of Nigg

Situated in the Scottish Highlands on the Cromarty Firth, the port is crucial to the expansion of offshore wind in the UK and is one of Scotland’s two green freeports.

The acquisition includes the steel processing and machinery and equipment manufacturing businesses operating at the port.

Mitsui, an existing 25.5 per cent shareholder in Global Energy Group, has partnered with MOL to acquire the remaining 74.5 per cent of the port not already held by Mitsui. Following completion, Mitsui now holds a 51 per cent stake and MOL a 49 per cent stake in Global Energy Service Holding Limited.

Mitsui and MOL will use their expertise in renewable energy, shipping and port operations to continue to grow and develop the port. This will allow the port to meet the significant demand for offshore wind power and enable energy transformation projects across Scotland, the UK and Europe.

The Pinsent Masons team advising on the transaction was led by corporate partner James Kaye, supported Eloise Walker, Global Head of Corporate Tax, and commercial partner Laura Ayre. It also included a cross-disciplinary group of specialists spanning tax, commercial, energy projects, finance, real estate and legal project management. James and his team worked hand in hand with the Mitsui in-house legal team to deliver the deal.

James commented, “We’re delighted to have advised on this transaction which represents a significant investment in a crucial part of UK’s renewable energy infrastructure. We look forward to continuing to work with both clients to help deliver their ambitious plans to further grow the Port of Nigg’s capabilities.

“This deal clearly shows the strength of our offshore wind practice and our ability to deliver complex, strategically important M&A deals.”