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Aldar, Sorouh reach initial merger deal
- United Arab Emirates: Wednesday, January 09 - 2013 at 03:33
Abu Dhabi's Aldar and Sorouh have reached an initial agreement to merge via a share swap, with a final deal expected to be signed in the coming weeks, Reuters has reported, citing sources familiar with the matter. The emirate's two largest property developers have a combined market capitalisation of about Dhs10bn, which would make the proposed merger one of the biggest conducted by listed firms in the Middle East. The merger will be based on a share swap and will not involve a cash payment, two sources said. The merger would create a state-backed company with combined assets worth nearly $15bn, and could help to repair Abu Dhabi's weak real estate market by ensuring better coordination of new property developments.
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