Cayman tops offshore deal making

| 25/11/2014 | 1 Comment

(CNS Business): Cayman was the leading destination for offshore deals in the third quarter of 2014, according to a report by local law firm Appleby. The jurisdiction attracted 155 deals with a cumulative value of US$13.68bn, accounting for 25% of the total deal volume and 29% of all dollars spent on offshore targets.

“In the last two years we have seen the Cayman Islands consistently emerging as the destination of choice for investors in offshore assets, and this quarter proved no exception,” said Simon Raftopoulos, a Cayman-based partner from the firm’s corporate finance and insurance team.

“While Cayman’s dominance was not as stark as it has been in previous quarters, the jurisdiction continues to attract many of the largest offshore transactions,” he added.

The latest edition of Offshore-i, an Appleby report, shows that the third quarter of the year experienced a 46% drop in total value of offshore deals across all jurisdictions when compared to Q2 but compared to the same period last year deal value was up 25%.

With 155 deals in Q3 2014, Cayman again attracted the greatest number of transactions, despite experiencing slightly fewer deals than it usually does, the offshore lawyers stated in a release about the report.

Cayman was followed by Hong Kong, with 114 deals, and the British Virgin Islands (BVI) with 110. By value, Cayman’s combined deal value of USD13.68bn outdistanced second place BVI, which reported a cumulative deal value of USD10.99bn, and Bermuda at USD8.47bn.

As was the case in Q2 2014, Cayman attracted the quarter’s biggest deal, the USD2.4bn acquisition of a 69% stake in Cayman-based Formosa Ha Tinh by China Steel Corporation and Formosa Plastics Group.

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Category: Finance, Financial Services

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  1. Twyla Vargas says:

    This just goes to show that we have the right people in our Finance, Financial Services

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