Ashurst is acting for Mermaid Marine Australia Limited (Mermaid Marine) on its proposed S$625 million (A$550 million) acquisition of all the subsidiaries of Jaya Holdings Limited, an SGX-listed company (Jaya).

The acquisition is to be funded by a combination of a A$317 million equity raising and US$227 acquisition financing facility.

Under the proposed acquisition, Mermaid Marine will acquire an established international offshore oil and gas marine services provider with a fleet of 27 vessels, two strategic ship yards in Singapore and Batam, Indonesia, and a new build pipeline of six high specification vessels. The Jaya fleet currently operates across South East Asia, the Middle East, West Africa and, more recently, East Africa.

Ashurst is acting for Mermaid Marine and its relevant subsidiaries in their capacities as purchaser, issuer and borrower in this significant cross border deal.

The acquisition is subject to a number of customary closing conditions, including majority shareholder approval from Jaya's shareholders, with the shareholder vote expected to be held in April 2014. However, Mermaid Marine has already secured irrevocable undertakings from shareholders representing approximately 53% of Jaya shares to vote in favour of the transaction, subject to no superior offer.

Commenting on the transaction, lead partner Antonella Pacitti said: "Mermaid Marine is a longstanding and valued client of our firm. Ashurst is delighted to have been able to support Mermaid Marine on a transaction of such strategic significance.

"The transaction provides the company with all important scale in its key international markets, cementing Mermaid Marine's profile internationally and meeting key strategic imperatives. Ashurst's Perth office was involved in all of the acquisition, equity and debt elements, which was a real privilege."

The Ashurst team included lead partner Antonella Pacitti; partner Roger Davies, special counsel Matthew Rumpus, senior associates Elizabeth Hourigan and Patrick Nicholas, and lawyer Casey Kinchella from the Corporate practice; partner Gaelan Cooney, senior associate Emma Malone and lawyer Zoe Wiszniewska from Finance; and with partner Len Hertzman and senior associate Marcus Ryan from the Tax practice.