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Legal Advisors, Baker McKenzie advise on gig’s acquisition of AXA's Mideast business for $474.8m

Legal Advisors, Baker McKenzie advise on gig’s acquisition of AXA's Mideast business for $474.8m
The transaction is expected to close in the third quarter of 2021.
AXA COOPERATIVE
8250
0.69% 36.25 0.25
AXA Green Crescent
GCIC
-4.53% 0.65 -0.03
GINS
GINS
0.22% 915.00 2.00

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.