Legal deals of the week (November 7, 2024)
Trowers advises Jabreen International Development Company SAOC
Trowers & Hamlins has advised Jabreen International Development Company SAOC, a subsidiary of Oman International Development and Investment Company SAOG (Ominvest), in relation to its partial divestment in AlephYa Education, a leading education provider across the Gulf Cooperation Council (GCC).
AlephYa Education operates across multiple GCC markets, offering innovative educational solutions and services to a growing number of students and institutions. With the education sector in the region continuing to experience dynamic growth, this transaction highlights the evolving investment landscape in the sector.
Trowers provided comprehensive legal services, guiding the client through the negotiation, regulatory compliance, and closing phases, ensuring a smooth and efficient process in line with the complex requirements of the education sector across the GCC countries. The other parties to the transaction were advised by Al Tamimi & Company, A&O Shearman and Freshfields.
Benjamin O’Brien-McQueenie, the corporate partner at Trowers & Hamlins leading the transaction, commented, “We are delighted to have advised Jabreen Capital on this important transaction. It underscores our expertise in this sector, our ability to deliver strategic legal support for investors navigating complex, cross-border transactions and our strong relationship with Ominvest and their subsidiary entities.”
This transaction further solidifies Trowers’ position as a trusted legal advisor in the Sultanate of Oman and across the GCC region, with a proven track record of representing clients in high-profile corporate deals, and the team comprised solely of our corporate lawyers in Oman, including Benjamin O’Brien-McQueenie, Li Ying Teng and Aida Al Jahdhami.
Baker McKenzie advises Fourth Milling Company in its successful IPO on Tadawul
Baker McKenzie has acted as legal counsel to Fourth Milling Company (“MC4”), a leading flour milling enterprise in Saudi Arabia, on its Initial Public Offering (IPO) on the main market of the Saudi Exchange (Tadawul).
At the time of listing, MC4 achieved a market capitalisation of SAR2.862 billion (USD763.2 million), with IPO proceeds totaling approximately SAR858.60 million. The institutional book-building process generated an impressive order book of SAR102.2 billion, resulting in a subscription coverage of approximately 119 times.
Baker McKenzie provided comprehensive legal guidance throughout the transaction, including the listing of MC4 shares on Tadawul and the public offering of 162,000,000 ordinary shares, representing 30 per cent of the company’s share capital, at a price of SAR5.30 (equivalent to USD1.41) per share. MC4’s shares are now trading under the ticker symbol: 2286.
Established in 2017, MC4 has become a market leader in the production of high-quality flour, feed, bran, and diverse wheat derivatives, consistently demonstrating strong profitability and market presence.
Nadine Nassar, of counsel at Baker McKenzie in Saudi Arabia and lead counsel on the transactions, stated, “We are thrilled to have played a pivotal role in MC4’s IPO, reflecting our commitment to supporting clients in the dynamic Saudi market. This successful offering is a testament to the company’s robust growth and potential for continued success.”
The Baker McKenzie Capital Markets team in Saudi Arabia was led by of counsel Nadine Nassar, with support from associates Sara Alnasser, Lama Alhabib and Hayat Alabdulwahed.
Kirkland advises TASARU on Investment in Blacklane
Kirkland & Ellis advised TASARU Mobility Investments (TASARU), a leading investment company wholly owned by the Public Investment Fund (PIF), on an investment in Blacklane. This investment will empower Blacklane to accelerate its expansion into the Saudi Arabian market, revolutionising Saudi Arabia’s mobility landscape.
Founded in 2011 in Germany, Blacklane’s ride-hailing services connects travellers with a global network of professional chauffeurs. Today, Blacklane has a team of over 300 employees across 50 countries, with operational hubs in Germany, Singapore, Spain, the United Arab Emirates, the United Kingdom, and the United States.
The Kirkland team consisted of corporate lawyers Ben Leyendecker, Kamran Bajwa, Noor Al-Fawzan, Sebastian Häfele, Abdulaziz Almoosa, Tamara Zehentbauer and Jenia Dimitrova; and technology & IP transactions lawyers Emma Flett, Ben Zeris and Lana Khoury.
Addleshaw Goddard advises Effecta Compliance on sale to ACA Group
The Dubai office of Addleshaw Goddard has advised the founders of a leading regulatory consultancy business, Effecta Compliance (both in the UAE and the UK), on the sale of their shares to ACA Group.
Effecta Compliance provides regulatory consultancy to the financial services industry, specialising in providing authorization, advisory and regulatory project management to various types of firms including asset managers, brokers, exchanges, fintech companies and others.
The sale to ACA Group – the leading governance, risk, and compliance (GRC) advisor in financial services, headquartered in New York – marks a strategic move to solidify the company’s foothold in the Middle East, enabling ACA to address the expanding demands of its international clients, including those expanding into or already operating within the UAE. Furthermore, this acquisition bolsters ACA’s capacity to assist UK firms, enriching its service portfolio to navigate the complex landscape of compliance requirements more effectively.
The deal is reflective of an increased focus on the UAE as a potential market for financial services firms looking to expand their international footprint. This is underlined by the UAE’s drive to be a global leader in establishing a progressive GRC framework for the financial sector, balancing innovation and regulation to successfully harness emerging areas such as fintech to drive growth.
The sale of Effecta Compliance’s UAE and UK entities was led by a Dubai-based team from Addleshaw Goddard helmed by Lowri Llwyd, Partner, and Rachael Norris, Managing Associate, supported by Charlene de Souza, Lorna Dean, Rania Sallam, Heather Gibson, and Saarla Reddy from the Corporate and Tax teams.
Lowri Llwyd, partner – head of corporate UAE at Addleshaw Goddard, commented, “We are pleased to have supported the founders of Effecta Compliance on this sale, leveraging Addleshaw Goddard’s specialist local and international market expertise to help make this transitional phase as smooth as possible for our client.”
Clare Curtis, chief executive officer at Effecta Compliance Limited, said, “We are grateful to the Addleshaw Goddard team for their support throughout this process – they were responsive, pragmatic and very familiar with the nuances of the jurisdictions in which we operate. As founders of Effecta Compliance, we have built an excellent and valuable platform in the UAE and UK, and we are confident that our clients will be in good hands with ACA Group.”
Following this acquisition, clients previously served by Effecta Compliance will gain access to ACA’s extensive suite of services, including expert advisory support, comprehensive managed services, and cutting-edge technology solutions.
