Tuesday, May 22, 2012
DUBAI (Zawya Dow Jones)--Goldman Sachs and three other investment banks have been named as advisors on the potential merger between Abu Dhabi-based developers Sorouh Real Estate (SOROUH.AD) and Aldar Properties (ALDAR.AD), two people familiar with the matter said Tuesday.
The two companies in March said they were considering a merger in a government-backed deal that could create a property group with over $2 billion in market value. The companies also announced they would set up a committee to push forward the deal.
That team is being advised by Goldman Sachs and National Bank of Abu Dhabi, the persons, who declined to be identified, said, adding that Morgan Stanley and Credit Suisse are advising Aldar and Sorouh.
Aldar and Sorouh declined to comment.
Shares of Aldar were last up 3.7% at AED1.11 Tuesday, while Sorouh rose 4.9% to AED1.08.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com; Twitter: @ZDJnews
(Tahani Karrar-Lewsley in Dubai contributed to this story.)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-05-12 0908GMT
