Tribonian Law Advisors (TLA) has advised the sole shareholder of Spark Security Services – Sole Proprietorship LLC (Spark Abu Dhabi) and Spark Security Services – LLC Single Owner (Spark Dubai, and collectively, Spark Security), in relation to the sale of 100% of the shares in the two companies to Khidmah Sole Proprietorship LLC (Khidmah), a subsidiary of Aldar Properties PJSC.
On 1 September 2022, Khidmah signed a share sale and purchase agreement with the sole shareholder of Spark Security to acquire 100% of the share capital of Spark Abu Dhabi and Spark Dubai in an all-cash AED 125 million transaction. The transaction completed on 7 October 2022.
TLA’s team was led by partner Carlo Pianese, and assisted by senior associate Dhruv Agarwal and trainee solicitor Ahmed Bilal Khan.
Khidmah was advised by the Abu Dhabi office of Clyde & Co with a team led by partner Ross Barfoot and assisted by associate Julia Wolks.
Spark Security, which was established in 1974, is a leading provider of manned security guard services in the UAE. It employs over 5,000 security professionals and serves major organisations, and also provides security for a range of high-profile events, across the UAE.
Khidmah is a property and integrated facilities management company, and is a wholly owned subsidiary of Aldar Properties PJSC, the leading real estate developer, manager and owner in Abu Dhabi and which is publicly listed on the Abu Dhabi Securities Exchange.
Carlo Pianese commented on the completion of the transaction: “We are proud to have assisted our client on such a high-profile transaction in Abu Dhabi. This deal shows the depth of the TLA M&A team and its ability to work along its clients across multiple sectors and industries, both regionally and internationally. We wish Spark Security to continue in its successful journey as a market leader under the new shareholder”.