Leading international law firm Baker McKenzie Habib Al Mulla has advised Dar Al Takaful (DAT), an innovative Islamic insurance company in the UAE, on its acquisition of the entire share capital of Noor Takaful General and Noor Takaful Family for a total consideration of AED 215 million in cash.

The transaction has been approved by DAT shareholders, the Emirates Securities and Commodities Authority (ESCA) and the Insurance Authority, and is expected to be concluded by the end of the month. According to the Dubai-listed Islamic insurer, the financial benefits of the transaction are likely to be realised after fully closing the deal and when both target businesses are fully integrated with DAT.

Commenting on the transaction, Omar Momany, Partner and Head of the Corporate/M&A and Commercial practice at Baker McKenzie Habib Al Mulla says: “We greatly appreciate our relationship with DAT and are excited to assist them in creating value with regards to their overall market strategy. The deal also reflects the broader trend of consolidation in the insurance industry and in UAE growth sectors more generally – a trend that our Firm’s Middle East M&A activity report has earlier predicted and is expected to continue.”

Further, Mazen Boustany, Partner and Head of the Financial Regulatory practice at Baker McKenzie Habib Al Mulla concludes: “We’re delighted to have worked closely with DAT, ESCA and the Insurance Authority who provided the transaction with unfettering support, as it aligns with the overall strategy of streamlining the UAE’s fragmented insurance industry while ensuring continued compliance, to successfully deliver this transaction despite the current challenging economic environment.”

Baker McKenzie Habib Al Mulla’s deal team included practitioners from all practice groups across the UAE, led by regulatory partner Mazen Boustany, M&A partners Omar Momany and Pietro De Libero and mainly supported by corporate counsel Melissa Forbes-Miranda and corporate associate Tala Shomar.

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Mazen Boustany is the UAE Head of the Financial Regulatory, Policy & Legislative Group of Baker McKenzie Habib Al Mulla, based in Dubai. He has over 22 years' experience in banking and finance law in the Middle East, including financial services regulation, Islamic finance, structured finance, securitisation, private equity, financial structuring and restructuring, cross-border transactions and investment funds. Mazen has helped draft many of the financial regulations for the UAE Central Bank and Ministry of Finance.

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Omar Momany is the Head of the UAE Corporate/M&A practice of Baker McKenzie Habib Al Mulla, based in Dubai. With over 15 years' experience in the Middle East, Omar focuses on public and private mergers and acquisitions, corporate restructurings, corporate governance, joint ventures, commercial matters and corporate/shareholders' disputes in the UAE and throughout the region.

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Pietro de Libero is a partner in the Corporate/M&A practice of Baker McKenzie Habib Al Mulla, based in Dubai, and leads the UAE competition law practice. For the past 17 years he has been advising on cross-border and domestic private M&A transactions, including acquisitions, disposals, joint ventures, reorganizations, and private equity investments and disinvestments. Pietro is also seasoned in exercising corporate rights, resolving shareholder conflicts, and drafting and negotiating commercial agreements.

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Melissa Forbes-Miranda is a counsel in Baker McKenzie's UAE Corporate practice. Based in Dubai since 2008, Melissa has significant experience in advising on a broad range of cross-border and domestic corporate transactions including mergers and acquisitions, joint ventures, corporate reorganisations and shareholder disputes. Melissa also regularly advises clients on various other types of corporate and commercial issues.

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Tala Shomar is an associate in the Corporate & Commercial practice of Baker McKenzie Habib Al Mulla based in Dubai. Tala advises international and local clients on mergers, acquisitions and company restructuring. She also advises on general commercial advisory matters in Qatar, and previously on a number of high profile projects in Jordan.

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