Eversheds Sutherland advises on major Snoonu share sale to Jahez International

Eversheds Sutherland advised the majority shareholders of Snoonu in Qatar on the sale of a 76.56 per cent stake to Jahez International Company for Information System Technology, an online food delivery platform based in the Kingdom of Saudi Arabia. This significant transaction was executed through the signing of a Share Purchase and Subscription Agreement.

The transaction involved a cash consideration of USD214 million to be paid to all existing shareholders of Snoonu, with Jahez to pay a cash consideration of USD20 million in connection with the subscription of new shares. This landmark deal has placed a QAR1.165 billion (USD 320 million) valuation on Snoonu, making it Qatar’s first ever start-up to surpass the QAR1 billion valuation milestone.

The Eversheds Sutherland team was led by Qatar-based partner Samer Sarkis, with support from senior associates Sundeep Thandi, Raja Ghandour and associates Mohammed Alaboushi and Marwah Rawashdeh.