Clifford Chance is advising Sorouh on one of the largest ever M&A transactions in the MENA region
- United Arab Emirates: Monday, January 21 - 2013 at 10:54
- PRESS RELEASE
Clifford Chance is advising Sorouh Real Estate PJSC on its proposed merger with Aldar Properties PJSC, terms of which were agreed by their respective boards on 20 January 2013.
It is anticipated that the merger will create a stronger company, with a more diversified and balanced asset portfolio, and that the Government of Abu Dhabi will be a key customer as it continues to deliver strategic assets and various projects for the Government.
Clifford Chance's lead partner on the transaction, Mohammed Al-Shukairy commented: "This is an important transaction for the two companies (and the Abu Dhabi real estate market generally) and we have been advising Sorouh on it from the very beginning, leveraging the firm's global and regional public M&A expertise to ensure we do all we can to assist Sorouh achieve its objectives.
From a technical perspective, the statutory all share merger is ground-breaking in the UAE and I suspect this transaction will pave the way for a more effective method of merging public companies in the UAE, which will be an interesting space to watch given the need for consolidation in a number of industries."
The merger, which is subject to a number of conditions, including approval by the shareholders of each company at extraordinary general meetings to be convened in due course, is expected to become effective in June 2013.
The Clifford Chance team is led by M&A partner Mohammed Al-Shukairy, with assistance from M&A associate Sian Rowlands and real estate counsel Steven Henderson..
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