Dar Al Takaful enters $58.58mln acquisition agreement

The company entered the agreement with Noor Investment Group and Noor Bank for the acquisition

  
Image used for illustrative purpose. Close-Up Of Rosary Beads With Coins And Text Blocks In Wooden Box On White Background.

Image used for illustrative purpose. Close-Up Of Rosary Beads With Coins And Text Blocks In Wooden Box On White Background.

Getty Images

Dubai – Dar Al Takaful has signed a legally binding share purchase agreement (SPA) worth AED 215 million to acquire the entire share capital of Noor Takaful General and Noor Takaful Family.

The company entered the agreement with Noor Investment Group and Noor Bank for the acquisition, according to the company's disclosure to Dubai Financial Market (DFM) on Sunday.

The company has received binding financial commitments from UAE banks to complete the transaction, which is in line with its strategy to build scale and share market in fragmented market conditions.

Expected to close in the second quarter (Q2) of 2020, the transaction will have a financial impact that will be registered in the company's financial results during the next reporting period after closing.

Emirates NBD Capital acted as the sole financial advisor in the transaction.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Islamic Finance