The complex deal is the first merger being undertaken under the recently over-hauled Merger and Acquisition Regulations. The merger agreement has now been signed and the deal is expected to close during the first half of 2019. The merger will create Saudi Arabia’s third largest bank with assets of around US$70 billion.
Corporate partner Mohammad Al Rasheed said: “We are very pleased to advise Alawwal bank on this ground-breaking transaction which is a testament to the depth of our corporate practice in the Middle East. Achieving this important milestone would not have been possible without the support and cooperation of the relevant regulators in the Kingdom and the new regulatory regime which facilitates these types of complex transactions. We hope this transaction will encourage other companies to undertake public M&A transactions in the Kingdom. We look forward to continuing to assist Alawwal bank until the successful completion of the transaction.”
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