Local financial services performed high-value transactions in 2023

Professionals in the local financial services industry have been commended for a series of significant complex cross-border transactions they performed in 2023.

A press release from BVI Finance said the work done last year highlights the strength and depth of expertise in the BVI across the financial services sector.

BVI Finance said over the course of last year, BVI financial services firms were actively involved in a number of high-value, sophisticated transactions from IPOs to acquisitions and restructurings.

At the same time, the BVI has enhanced both its expertise and regulatory framework in growth areas such as virtual assets, fintech and climate finance, attracting an increasing number of high-quality market participants.

Some of the high profile transactions and companies include Appleby BVI and Conyers BVI, which played instrumental roles in a significant international acquisition involving Shift4 and Finaro — a prominent clearing technology provider and online merchant bank in Europe.

Ogier advised Fortress Investment Group on its acquisition of Vice Media Group in a deal valuing the well-known media company at £350 million ($445 million).

Conyers advised B2Gold Corp – international senior gold producer – in relation to an up to $60 million purchase agreement.

Walkers acted as BVI legal counsel to NASDAQ-listed Lumentum Holdings in relation to its acquisition of Cloud Light Technology Limited for $750 million by way of a BVI statutory merger.

Other major transactions include Conyers that advised Telegram Group Inc in connection with its issuance of $210 million bonds. The Dubai-headquartered firm operates an encrypted messaging app used by over 800 million users each month and is a hugely influential company in the TMT sector.

The positive news for financial services comes amid a number of challenges — including global demands to tax the wealthy — that faced the sector in 2023.

Financial Services Minister Lorna Smith has commended the industry, saying the work done in 2023 is a testament to the BVI’s commitment to excellence and innovation in the global financial landscape.

“The BVI has always been at the forefront of providing sophisticated and efficient financial services. This year’s remarkable series of transactions across various sectors, including digital assets and climate finance, is a clear indication of our ability to adapt and excel in an evolving market. Our firms are not only executing complex deals but are also playing a pivotal role in shaping the future of international finance. This success reaffirms our position as a leading financial centre, dedicated to supporting the global economy,” Smith said.

CEO of BVI Finance Elise Donovan said the high-profile transactions done in 2023 underscored the BVI’s reputation as a tried-and-tested hub for global investment business across the transaction value chain.