I P F A advised on the deal with Atlantis Resources, a global leader in the tidal power sector in an all share deal.

On the other side Ashurst advised Atlantis Resources on a loan package to be provided by leading Scottish energy services contractor Global Energy Group to finance the on-going working capital requirements. The acquisition and financing are conditional upon certain conditions precedent being satisfied.

The deal with Atlantis, which consolidates two world-leading tidal technologies, includes MCT’s extensive seabed rights, existing projects, staff and intellectual property, creating one of the largest portfolios of tidal current power projects in the UK under the Atlantis Resources power generation business.

Under the terms of the acquisition, MCT will receive 9.99% of Atlantis Resource’s enlarged issued share capital as sole consideration for the sale.

The I P F A team was led by European SVP Klaus BLINCK, Senior Business Partner Yiorgos ANDRIANOPOULOS, counsel John HARDIE (for the acquisition) and senior associate Katie FRANCESCAN (for the financing), assisted by associate Helena RAJESTIC and legal consultants Nicolas PAGE and Kate LONGUE.