Clifford Chance is advising Sorouh on one of the largest M&A transactions
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.
The merger, which has been unanimously recommended to shareholders, will create the largest listed real estate developer in Abu Dhabi and the second largest real estate developer in the UAE, with combined total assets of approximately AED 47 billion. It is anticipated that the merger will create a stronger company, with a more diversified and balanced asset portfolio.
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.”
