Clifford Chance advises Mashreqbank on USD385 million NEOPAY sale

Clifford Chance has advised Mashreqbank PSC (“Mashreq”), one of the UAE’s leading financial institutions, on the sale of a majority stake in NEOPAY, the UAE’s fast-growing payment solutions provider, to a consortium comprising Arcapita Group Holdings Limited and Dgpays (together in equal partnership, the “Consortium”). Mashreqbank will retain a significant minority interest in NEOPAY.

The transaction implies an approximate enterprise value for NEOPAY of USD385 million, and the closing is subject to necessary regulatory approvals.

The acquisition represents a significant milestone for NEOPAY as it aims to expand its presence in the rapidly growing digital payments sector in the Middle East. The strategic support of the Consortium positions NEOPAY to further accelerate its growth trajectory and offer new services, leveraging Dgpays’ cutting-edge technology.

Clifford Chance’s team advised Mashreq on all legal aspects of the transaction, drawing on its deep experience in banking, financial services, and technology-related M&A and its specialist regulatory expertise. The firm played a crucial role in navigating the complexities of the deal, ensuring that Mashreq’s interests were safeguarded throughout the process.

The Clifford Chance team was led by Dubai-based partner Jack Hardman with assistance from legal director Gareth Dray, senior associates James Dadford, Kimberly Ng and George Holman and associates Ahmed Shafiek, Declan Ng and Ismaila Ngum, and support from other specialist colleagues.