Riyadh – Mubasher: Legal Advisors, Abdulaziz Alajlan & Partners alongside Baker McKenzie have advised Gulf Insurance Group (gig) on the acquisition of AXA’s insurance operations in the Gulf region for a value of $474.75 million.
Under the terms of the recently-announced deal, gig will take over AXA’s shareholding in AXA Gulf (Bahrain, UAE, Oman, and Qatar), AXA Cooperative Insurance Company (KSA), and AXA Green Crescent Insurance Company (UAE), according to a press release on Wednesday.
As part of this transaction, gig will also acquire Yousuf Bin Ahmed Kanoo’s (YBA Kanoo) shareholding in AXA Gulf.
Corporate/ Capital Markets Principal at Legal Advisors in Riyadh, Karim Nassar, said: "We are delighted to have advised on this significant transaction for gig, as the business looks to expand in the region. This deal is a testament of our complex transactional expertise as well as our strong ability to work cross-border.”
The transaction is expected to close in the third quarter (Q3) of 2021.