Bio

Sally Penrose is a partner and a member of the Corporate department in Appleby’s Bermuda office. Sally specialises in the structuring, management and operation  of investment funds, including hedge funds, private equity vehicles, partnerships, closed ended funds and master and feeder structures.

Sally also has wide corporate experience acting for corporates and management teams on multi-jurisdictional mergers, joint ventures and acquisitions.

Sally is a member of Appleby’s global Technology & Innovation group, providing comprehensive advice in connection with all aspects of initial coin offerings and the carrying on of digital asset business.

Sally is recognised by Legal 500 Caribbean as a ‘Next Generation Lawyer’ in the tier 1 Corporate and Commercial catergory and recommended in the Banking, Finance and Capital Markets category. She is also recognised in IFLR1000 in the Financial and Corporate category as a ‘Rising Star’ and in Bermuda:Re+ILS as a ‘Rising Star’, which features highly regarded professionals in Bermuda under the age of 35.

Prior to arriving in Bermuda, her experience included working as a senior associate at DLA Piper UK LLP.

Recent Articles:

 

Expertise:

Key recent transactions include:

  • XBTO, advised on the successful application for a Digital Asset Business (DABA) Licence as a Digital Asset Service Vendor (Market maker for digital assets) under the Digital Asset Business Act which represented the third DABA licence to have been issued by the Bermuda Monetary Authority.
  • Belmond Ltd., advised Belmond Ltd. on its acquisition by LVMH Moët Hennessy Louis Vuitton SE (LVMH).
  • Validus Holdings Ltd, advised Validus on its $5.6 billion acquisition by American International Group, Inc.  Appleby demonstrated the strength and depth of its corporate team on this transaction with a combination of specialist M&A and regulatory lawyers forming the deal team.
  • Orion Mine Finance, advised Orion Mine Finance and Fusion Capital on the sale of Lynx Resources, the owner of the SASA zinc, lead and silver mine in the Republic of Macedonia, for USD 402.5m to Central Asia Metals (“CAML”).
  • Triton Container International Limited, advised on TCIL’s merger with TAL International Group, Inc., a NYSE-listed, US company (TAL). The transaction will create the world’s largest lessor of intermodal freight containers with revenue generating assets of $8.7 billion.
  • L. F. Wade International Airport – The Financial Investors, advised  on the Bermuda law relating to the financing of the redevelopment of the L. F. Wade International Airport in Bermuda (Redevelopment) pursuant to which the clients subscribed for USD 285 million of fixed coupon notes.
  • Virgin Group Investments Ltd., advised the investment arm of billionaire Richard Branson’s family, in connection with new cruise industry venture by designing and constructing two new world class cruise ships. The lead co-investor in the deal was Bain Capital, one of the world’s leading private equity firms.
  • China Minsheng Investment Co. Ltd., advised in the acquisition of the entire issued share of capital of Sirius International Insurance Group, Ltd. The transaction was one of the largest private acquisitions in the Bermuda reinsurance space.
  • KeyTech Limited, advising in connection with a multi-layered transaction that included the acquisition of the remainder of Bermuda Digital Communications Ltd. (CellOne) and the acquisition by Atlantic Tele-Network, Inc., of a controlling interest in Keytech.
  • Triton Container International Limited, advised in relation to its merger with TAL International Group, Inc., a NYSE-listed, US company.  The transaction creates the world’s largest lessor of intermodal freight containers with revenue generating assets valued at  $8.7 billion.
  • Advised a world’s leading mining focused private equity group on their $300m+  investment.
  • Advised on the structuring, formation and launch of a $2bn+ investment fund.

 

Education:

University College London (England)

College of Law (London, England)

Updates

29 Jul 2019 | Deals

Appleby assists global crypto investor XBTO on acquiring their Digital Asset Business Licence in Bermuda

Appleby acted as XBTO’s Bermuda counsel on their application for a Digital Asset Business Licence ...

26 Mar 2018 | News

Appleby promotes nine in 2018 promotions round

Appleby has announced the promotion of seven partners and the appointment of two lawyers to the posi...

Publications

1 Jul 2019 |

Latest Developments in Bermuda’s Economic Substance Regime

The Economic Substance Amendment Act 2019 (Amendment Act) became operative on 28 June 2019. Bermuda ...

Contributors: Sally Penrose
26 Jun 2019 |

Regulatory Headwinds

Faced with increased scrutiny from regulators on both global and jurisdictional levels, businesses m...

Contributors: David Dorgan
4 Feb 2019

Appleby contributes five chapters to Global Legal Insights - Fund Finance 2019: Bermuda

Bermuda is a major centre in the international offshore investment fund industry with over USD200bn ...

Contributors: Sally Penrose

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