Freshfields and TLA advise on the Almarai – Bakemart Buyout
Freshfields Bruckhaus Deringer and Tribonian Law Advisors (TLA) acted as legal counsel on the sale of Bakemart to Almarai.
On March 15, 2021, Almarai Company signed a sale and purchase agreement with the shareholders of Bakemart FZ-LLC and Bakemart LLC in the UAE (Bakemart UAE); and Bakemart WLL in Bahrain (Bakemart Bahrain), to acquire 100 per cent of the shares in Bakemart UAE and Bakemart Bahrain for an enterprise value of AED93.5 million. The transaction is subject to certain regulatory approvals and is expected to close in the third quarter of 2021.
Almarai is a publicly-listed company in the Kingdom of Saudi Arabia and its business encompasses food and beverages manufacturing and distribution. Bakemart is a leading manufacturer and distributor of frozen bakery items to the food services and retail industries in the Middle East.
Almarai Company was represented by Freshfields Bruckhaus Deringer and was led by its MENA managing partner Pervez Akhtar and assisted by associate Maram Turki.
TLA’s team was led by partner Carlo Pianese and assisted by associates Shiladitya Majumdar and Mohamad Al Rifai.