- Publications & Insights
Richard Harney is a Senior Partner, based in Nairobi, Kenya. Richard co-founded our Nairobi office, Coulson Harney LLP in 2008.
Richard is consistently involved in the most prominent transactions in the region. Having spent over 27 years in Kenya, Richard has a wide array of experience advising domestic, regional and international clients on M&A deals, capital markets, finance, restructuring and corporate law. Prior to moving to Kenya, in the early 1990s, Richard worked as a solicitor at two leading law firms in the City of London.
He is listed in the Legal 500 Hall of Fame, a Leading Lawyer in IFLR1000 and a Tier 1 Lawyer in Chambers Global where clients acknowledge ‘he has a good feel for what is and isn’t practical in Kenya, and for how it will work in the local environment.’
- Kenya Airways PLC (KQ) on its proposed nationalization and merger with Kenya Airports Authority and delisting from the Nairobi Securities Exchange – 2019/20.
- Commercial Bank of Africa Limited on its USD 4 billion merger with NIC Bank PLC to create the third largest banking group in East Africa: NCBA Bank Group PLC – 2019.
- KQ on its USD 2 billion balance sheet restructuring which included USD 750 million of sovereign guarantees from the Government of Kenya (GoK) to KQ’s creditors, US Exim Bank and 11 Kenyan commercial banks, debt for equity conversions and realignment of shareholding arrangements with KLM Royal Dutch Airlines. The restructuring was linked to a USD 175 million term facility for KQ from 8 of the Kenyan Banks – 2016/17.
- Adviser to Diageo PLC and East African Breweries Limited on corporate and commercial matters in Kenya.
- Kenya Airways on its turnaround strategy and capital optimization programme.
- Imperial Bank Limited (in receivership) shareholders and directors on issues arising from the statutory receivership of the bank.
- Orange S.A. on the disposal of all of its shares and shareholders loans, comprising 70% of Telkom Kenya, to Jamhuri Holdings Limited, owned Helios Investment Partners.
- Old Mutual Property Africa Investment Company Pty Limited on its USD 55 million investment to acquire 50% of the shares in Two Rivers Mall and Office Tower in Nairobi, the largest mall in East and Central Africa.
- Certain long term lenders in regard to the receivership of Pan-African Paper Mills (EA) Limited.
- Eaton Towers in respect of its acquisition of the Kenya tower infrastructure of Bharti Airtel covering African countries.
- East Africa’s leading dairy produce business Brookside Dairy Limited on the investment of a 40% shareholding by Compagnie Gervais Danone.
- East African Breweries Limited on its KES 11 billion corporate bond listed on the Nairobi Securities Exchange.
- Lafarge and Holcim on Kenyan regulatory approvals required in Kenya for their global merger.
- LafargeHolcim on shareholders matters concerning the East African Portland Cement Company Limited.
- The acquisition of control of UAP Holdings (a publicly traded financial services group) by Old Mutual Holdings.
- A. Trading Limited on its offer to acquire all the ordinary shares not already owned by it in R.E.A. Vipingo Plantations Limited, a company listed on the Nairobi Securities Exchange – the first contested takeover on the Nairobi Securities Exchange.
- France Telecom on its USD 390 million acquisition of 51% of Telkom Kenya from the Government during the privatisation of Telkom Kenya Limited.
- Equity Bank in the USD 185 million equity investment by Helios Investors.
- Project sponsor on the establishment of a 50MW wind farm close to Nairobi including negotiations with the Kenya Power & Lighting on a power purchase agreement.
- Dimension Data Holdings plc on its take-over of 100% of the issued share capital of AccessKenya Group Limited, an internet service provider listed on the Nairobi Securities Exchange.
- Saham Finances in the acquisition of a controlling stake in Mercantile Insurance Company Limited through its subsidiary Colina Holdings.
- Farallon Capital Management, East African Development Bank and KCB Bank Kenya Limited
- Imperial Bank (in receivership) (IBL) Kenya – business rescue options
- Kenya Airway’s debt and equity capital restructuring
- Kenya Airways
- Chambers and Partners ranked Richard in Band 1 for Corporate/ M&A for seven consecutive years (2015 to 2021) and in the Spotlight Table for Capital Markets for three consecutive years (2019 to 2021).
- IFLR1000’s Financial and Corporate Guide rated Richard as a Highly Regarded Lawyer for Restructuring and Insolvency, Energy and Infrastructure, Banking and M&A for four years (2016 and 2018 to 2020).
- The Legal 500 has listed Richard in its Hall of Fame, which highlights individuals who have received constant praise by their clients for continued excellence. Legal 500 ranked Richard for several years up to 2020 as a recommended and leading lawyer for Commercial Corporate and M&A, and recommended lawyer for Banking, Finance and Capital Markets.
- Richard was awarded the World Bank Award for Excellence in relation to the privatisation of Kenya Airways in 1996
“Incredibly great lawyer on complex transactions” who is “very good at understanding the commercial side and grasping what risks there are.” – Chambers and Partners, 2020
“He’s able to think through complex matters and design unique solutions.”
Commended for his “wealth of knowledge” and understanding of the Capital Markets Authority, he is equally valued for his ability to “think through complex matters and design unique solutions.” -Chambers and Partners, 2019
“Output/feedback and response is prompt and of quality. Richard Harney has a great deal of practical expertise and advice in the area of commercial law as it applies to Kenya – he is not hesitant in giving his measured opinion to his client.”
“Excellent lawyer with very broad experience. Led the legal process on a highly complex cross-border restructuring. A trusted adviser to governments, creditors and corporates.”
“Excellent practitioner.” -IFLR 1000, 2019
“He knows his stuff and he is experienced.”
“a switched-on negotiator.” He has a formidable insolvency and restructuring practice – notably acting for Kenya Airways – and has further expertise in M&A, capital markets and competition matters. Peers add: “He continues to stand out as a top-tier lawyer.” – Chambers and Partners 2018
Richard Harney is particularly active on M&A, capital markets and finance deals. He advised Eaton Towers on the financing of its acquisition of Bharti Airtel’s tower infrastructure across multiple East African countries. Peers agree that he is deserving of his reputation in the market, and one client remarked: “He has a very clear vision of an M&A deal and knows exactly what is required.” – Chambers and Partners 2017
“true business partner” – Legal 500 2017
“delightful to work with.” – Chambers and Partners 2016
Publications & Insights
- Demystifying leveraged finance transactions in Kenya – Private Equity
- Convening General Meetings for public listed companies during Covid 19 pandemic: Bowmans Unlocks Conundrum
- The Business Laws (Amendment) Act, 2020
- Convening Public Company General Meetings during the Covid-19 crisis
- COVID-19: The Kenya Government’s Economic Stimulus
- Kenya’s Legislature Deals a Blow to Minority Shareholders
- Housing Fund Levy – Court suspends the Levy
- Kenya office plays significant role in the disposal of Orange Kenya’s shares
- The New Companies Act 2015 Has Come into Operation In Kenya
- Kenya office advises Old Mutual on Two Rivers Mall transaction