Dar Al Takaful enters $58.58mln acquisition agreement
The company entered the agreement with Noor Investment Group and Noor Bank for the acquisition
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By Staff Writer, Mubasher
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.
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