Muscat, 8 August 2024 – Dentons has advised Vale International SA (Vale) on a joint venture with AP Oryx Holdings LLC, an SPV of NYSE-listed Apollo Asset Management Inc (Apollo), in Vale Oman Distribution Center (VODC). VODC operates an integrated iron ore blending and distribution center in Sohar, Oman with a nominal capacity of 40mtpy.

Apollo will invest US$600 million to acquire a 50% stake in VODC and Vale will retain the remaining 50% ownership.

Subject to regulatory approvals, the transaction is anticipated to close later in 2024.

Jamie Gibson, Managing Partner of Dentons Oman, commented "We are proud to have played a key role in a transaction that holds strategic significance for global supply chains and is such a significant milestone for both Vale and Apollo."

The Dentons team was led by partner Jamie Gibson. Jamie was supported by global team members comprising partners Yasser Taqi (Muscat), Adam Pierce (London), Will Turner (London), Jonathan Cantor (London), Joseph Altendorff (London), John Harrington (Washington, DC) and Jeffrey Johnstone (Cayman Islands), senior associates Michael Kneebone (Muscat) and Wei Wu (London), associates Elen Roberts (Abu Dhabi) and Esme Crofton-Ford (London), and consultant Mahnoor Latif (Riyadh).