Latham & Watkins has advised U.C.E. Synttech Holdings Limited on its cash offer for IG Seismic Services Plc. The deal marks the first time that the UK Takeover Panel has shared jurisdiction with the Cyprus Securities and Exchange Commission on a takeover offer. The offer is for a Cypriot company with operations in Russia and global depositary receipts listed on the London Stock Exchange.

IGSS is a land and transition zone seismic company, providing seismic acquisition, data processing and interpretation services. It services clients primarily in Russia and the CIS (including Kazakhstan, Azerbaijan and Uzbekistan). The offeror, UCE Synttech Holdings Limited is controlled by Mr Nikolay Levitskiy, the current chief executive officer of IGSS. The offer values the whole of IGSS's existing issued share capital at approximately USD312.5 million.

The Latham & Watkins team was led by London corporate partners Graeme Sloan and Richard Butterwick.

Commenting, Richard Butterwick said: “The UK’s Takeover Code applies to non-UK companies incorporated within the European Economic Area with securities admitted to listing in London. The practice of listing Cypriot holding companies with global depositary receipts in London has increased in recent years for companies with operations in Russia and the CIS, and this is the first takeover offer for such a company.”