Wikborg Rein assisted NRP Maritime Asset Management AS, one of the largest alternative investment fund managers within the maritime sector in the Nordics, with the merger of three of its alternative investment funds.
NRP Maritime Asset Management AS has recently announced the merger of Premium Maritime Fund, Premium Maritime Fund II and Premium Maritime Fund III (with a combined AUM of NOK 532,000,000). This deal represents the first successful merger of its kind between alternative investment funds in Norway.
The Wikborg Rein team comprised Snorre Nordmo, Ole Andenæs, Anders Myklebust, Cecilie Tollefsen and Henrik Biørnstad.
An Interview With Snorre Nordmo & Ole Andenæs at Wikborg Rein
What expertise did your team bring to the deal?
In addition to leading the transaction alongside the client from start to finish, the team’s financial regulatory expertise and relationship with the Norwegian regulator was key to a successful transaction. Although the transaction was mainly regulated by Norwegian corporate law, our asset management industry knowledge and experience was essential when tailoring the transaction with respect to structuring and taxation, commercial challenges, regulatory matters, etc.
Did you face any challenges? How did you overcome them?
Being the very first merger of its kind between alternative investment funds in Norway, it was uncertain how the financial regulatory aspects under Norwegian law would fit in parallel with the Norwegian corporate law, and in particular how the Norwegian regulator would approach the merger from a supervisory perspective. However, by taking the initiative to engage in dialogue with the regulator and anchor the process early on, the transaction was handled and completed rather swiftly. We think that our planning and assessments, and subsequent dialogue with the Norwegian regulator, were essential to completing the transaction.
What are the crucial details to keep in mind when advising on an investment fund merger?
We think that it is essential to understand the asset management industry and the business of the client, and how to best adapt the client’s business within the regulatory framework. When assisting our clients, we do not provide theoretical descriptions of the law; we present practical solutions within the regulatory framework that best suit the client’s needs. For the client, particularly on ground-breaking projects like this, the difference is crucial.
