Ashurst advised long-standing client Atlantis Resources Limited ('Atlantis Resources'), a global leader in the tidal power sector, on the acquisition of the Bristol-based tidal business, Marine Current Turbines Ltd ('MCT'), from Siemens AG in an all share deal. Ashurst also 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 acquisition of MCT, 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, Siemens will receive 9.99% of Atlantis Resource's enlarged issued share capital as sole consideration for the sale.

The Ashurst Singapore-based team was led by Asian managing partner, Matthew Bubb, counsel Samantha Loh (for the acquisition) and senior associate Anna Hermelin (for the financing), assisted by associate Cara Stevens and legal consultants Maxim Rankine and Casey Kinchella. The London-based team was led by corporate partner Michael Robins, assisted by senior associate Simon Bullock.  Partner Neil Cuninghame advised on competition aspects.

Commenting on the deal, Matthew Bubb, said:

"We congratulate the team at Atlantis Resources on signing this deal, which consolidates its position as one of the global leaders in the tidal stream power sector.  We've been proud to assist Atlantis Resources over a number of years, including on its listing on the AIM in London and in relation to the MeyGen project in Scotland, where Atlantis is developing the largest fully consented tidal stream project in Europe.  Renewable energy is a key focus for Ashurst globally, across wind, solar, tidal stream, biomass, hydro and geothermal, and this transaction is another great example of how we can support our clients in the renewable energy sector as they undertake projects and transactions around the globe."