BANKING, INSURANCE & TELECOMMUNICATIONS
Banking
Commerce requires new approaches every time and borrowers and lenders prefer their advisers to be novel in their thinking as well as practical in their approach. Kaplan & Stratton has one of the largest practices in Kenya in the banking and finance sector. We act for almost all the major banks, finance providers and lenders.
Insurance
Our lawyers advise on all aspects of insurance and reinsurance law, whether corporate, regulatory or contentious. Our mix of specialist skills and experience has resulted in a industry focused team committed to the highest standards of client service.
Telecommunication
We have advised on some of the largest and most complex transactions in the telecommunications sector in Kenya as well as on routine vanilla mergers and acquisitions not only in Kenya but across borders in Africa. We also have advised on strategic joint ventures and partnering arrangements common in this sector. We continue to advise on telecoms privatisations and licensing, telecoms capital markets, telecoms financing, regulation and competition compliance in the telecoms sector and so on.
Please read our general overview on telecommunications laws in Kenya Read…
RECENT TRANSACTIONS
- Acting for Communication Authority of Kenya in a dispute regarding the roll out of the digital migration framework in Kenya, in light of the International Telecommunication Union Rules, which require migration within a specific period. The matter has huge implications on the communications sector comprising both civilian and non-civilian communication traffic throughout the country.
- We were the principal and sole legal transaction adviser for France Telecom on its US$390m acquisition of 51% of Telkom Kenya from the Government.
- We are representing Barclays Bank Plc in connection with the re-organisation of its African subsidiaries into a single group holding company (including Barclays Bank of Kenya Limited). Full regulatory compliance, shareholders circular.
- Successfully quashed a claim for withholding tax against Barclays Bank of Kenya. The withholding tax claimed was in respect of payments by the Bank to credit card companies.
- Acted in the issue of up to KES 9,500,000,000 medium term notes between Celtel Kenya Limited (Zain Group) and Standard Bank London Limited.
- Advised Telkom Kenya on infrastructure sharing arrangements with Safaricom.
- Successfully challenged a withholding tax claim made by the Kenya Revenue Authority against Safaricom Limited in respect of payments made by Safaricom to its dealers. The Kenya Revenue Authority withdrew its claim before the case was determined.
- We acted for a multinational internet service provider on the acquisition of AFSAT -African internet service provider.
- We acted as local counsel to IFC in connection with its equity investment into Gulf African Bank.
- Acted as transaction adviser in the re-structuring of Wananchi Group interests in East Africa into Mauritian investment holding company.
- Advised ICICI Bank India on a US$ 40,000,000 securitisation of Kenyan assets in relation to a multi-jurisdictional borrowing by Karuturi Group. The transaction involved complex charges of horticultural farms, assets and produce.
- Acted as Kenya counsel for AfricInvest Fund, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO) and Norfund in a CBK approved multimillion dollar equity participation by the investor group in Family Bank Limited.
- Re-structuring of Wananchi Group interests in East Africa into Mauritian investment holding company. Deal value USD 50 million.
- We acted for EM Communications Limited and advised them on establishment of telecommunications operations and investor relationships, legal and regulatory requirements.
- Acted as Kenyan Counsel for Standard Bank plc as lead arranger in the bridging finance of Kenya’s third largest mobile telephone operator. Deal Value – US$ 50,000,000. The transaction involved complex legal due diligence; preparation of share pledges, advice on GSM licensing and underlying telecommunications regulations and Kenyan law legal opinions.
- We advised Commercial Bank of Africa Limited on its purchase of First American Bank of Kenya – Kenya’s largest indigenous bank take-over.
- We advised UAP Provincial Insurance Company Limited on its acquisition of a majority stake in United Assurance Company Limited in Uganda.
- We are advising UAP Insurance Company on its propsed de-merger of life business from general insurance business.
- Acted for CFC Group Limited in the purchase of the Kenya life assurance business of American Life Insurance Company (Kenya) Limited – believed to be the largest acquisition in the Kenyan financial sector.
