Leading international law firm Baker McKenzie Habib Al Mulla has advised Dar Al Takaful (DAT), an innovative Islamic insurance company in the UAE, on its acquisition of the entire share capital of Noor Takaful General and Noor Takaful Family for a total consideration of AED 215 million in cash.
The transaction has been approved by DAT shareholders, the Emirates Securities and Commodities Authority (ESCA) and the Insurance Authority, and is expected to be concluded by the end of the month. According to the Dubai-listed Islamic insurer, the financial benefits of the transaction are likely to be realised after fully closing the deal and when both target businesses are fully integrated with DAT.
Commenting on the transaction, Omar Momany, Partner and Head of the Corporate/M&A and Commercial practice at Baker McKenzie Habib Al Mulla says: “We greatly appreciate our relationship with DAT and are excited to assist them in creating value with regards to their overall market strategy. The deal also reflects the broader trend of consolidation in the insurance industry and in UAE growth sectors more generally - a trend that our Firm’s Middle East M&A activity report has earlier predicted and is expected to continue.”
Further, Mazen Boustany, Partner and Head of the Financial Regulatory practice at Baker McKenzie Habib Al Mulla concludes: "We're delighted to have worked closely with DAT, ESCA and the Insurance Authority who provided the transaction with unfettering support, as it aligns with the overall strategy of streamlining the UAE’s fragmented insurance industry while ensuring continued compliance, to successfully deliver this transaction despite the current challenging economic environment.”
Baker McKenzie Habib Al Mulla's deal team included practitioners from all practice groups across the UAE, led by regulatory partner Mazen Boustany, M&A partners Omar Momany and Pietro De Libero and mainly supported by corporate counsel Melissa Forbes-Miranda and corporate associate Tala Shomar.