Dar Al Takaful’s Acquisition of Noor Takaful

Dar Al Takaful’s Acquisition of Noor Takaful

Baker McKenzie Habib Al Mulla advised Dar Al Takaful on the deal.

Dar Al Takaful (DAT) completed the acquisition of the entire share capital of Noor Takaful General and Noor Takaful Family for a total consideration of AED 215 million (approx. €51.5 million) in cash.

The transaction has been approved by DAT shareholders, the Emirates Securities and Commodities Authority (ESCA) and the Insurance Authority, and is expected to be concluded by the end of the month. According to the Dubai-listed Islamic insurer, the financial benefits of the transaction are likely to be realised after fully closing the deal and when both target businesses are fully integrated with DAT.

The Baker McKenzie Habib Al Mulla team was led by partners Mazen Boustany (Picture), Omar Momany and Pietro De Libero, and included counsel Melissa Forbes-Miranda and corporate associate Tala Shomar.

Involved fees earner: Mazen Boustany – Baker McKenzie; Pietro de Libero – Baker McKenzie; Melissa Forbes – Baker McKenzie; Omar Momany – Baker McKenzie; Tala Shomar – Baker McKenzie;

Law Firms: Baker McKenzie;

Clients: Dar Al Takaful;

Avatar

Author: Michael Patrini.