Aramco Trading to absorb Motiva Trading ahead of possible IPO
Saudi Aramco plans to merge two energy trading units, with Aramco Trading Co (ATC) likely to absorb Motiva Trading ahead of a potential initial public offering (IPO), Reuters reported, citing informed sources.
The move to combine the businesses is expected to give potential investors a better sense of the scale of Aramco’s trading and allow the state oil producer to simplify financial reporting and cut duplication.
Careem acquired UAE- based MUNCH:ON
The region’s leading multi-service platform, Careem announced the acquisition of UAE- based MUNCH:ON. MUNCH:ON is a subscription-based food delivery platform that connects customers to discounted meals by utilizing underutilized kitchen capacity and scheduling, bundling, and routing technologies. Just a few weeks before the end of H1 2022, the UAE’s subscription-based food delivery platform is set to rebuild its offering for the Careem App, adding to the impressive VC vertical integrations we’ve been tracking since the beginning of the year.
First Abu Dhabi Bank completes legal merger of Bank Audi Egypt
With the completion of the merger, FAB Egypt will now be operating in the Egyptian market with assets valued at 185 billion Egyptian pounds ($9.8 billion). First Abu Dhabi Bank started its activity in the Egyptian market in 1975 as the second foreign bank and first Arab bank to invest in the country’s market.
UAE FinTech firm Tpay acquires Turkey’s Payguru
Dubai-based mobile payments company Tpay has bought Payguru, a digital payment service provider based in Turkey, for an undisclosed sum as it looks to expand its geographical footprint. Tpay, which is backed by Middle East technology fund A15 and Africa-focused investment firm Helios Investment Partners, has a presence in 24 countries and sends money through 54 mobile channels that are connected to over 580 million consumers, the company said.
“This transaction extends our footprint in the region … continues our diversification into new business lines and also significantly strengthens our value-added services proposition in the region,” said Sahar Salama, founder and chief executive of Tpay.
Digital Bank from Mubadala acquired by Gulf Islamic Investments
UAE-based private equity company Gulf Islamic Investments has fully acquired Anglo-Gulf Trade Bank (AGTB), a digital trade finance lender, from Mubadala Investment Company for an undisclosed sum. ATGB is a joint venture between AGTB Holdings, a Rowland family-controlled company, and Mubadala. AGTB is a Category 1 digital bank licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the international financial center and is described as the world’s first digitally-enabled trade bank.
Global M&A braces for a dry spell as boardrooms put expansion on hold
The value of announced deals dropped 25.5% year-on-year to $1 trillion, according to Dealogic data. M&A activity in the United States plunged 40% to $456 billion in the second quarter, while the Asia Pacific was down 10%, Dealogic data showed. Europe was the only region where dealmaking didn’t crash. The activity was up 6.5% in the quarter, largely driven by a frenzy of private equity deals, including a 58-billion-euro takeover bid for Italian infrastructure group Atlantia.
Mubadala and EQT Private Equity to acquire Envirotainer
The EQT X fund (EQT Private Equity), and Mubadala Investment Company (Mubadala), have agreed to acquire Envirotainer (the Company), the leading global provider of mission-critical, proprietary temperature-controlled supply chain solutions for the transportation of biopharmaceuticals, from Cinven and Novo Holdings. The enterprise value amounts to approximately €2.8 billion.
Shuaa secures $160m for the acquisition of Allianz Marine and Logistics
Dubai investment bank Shuaa Capital has secured $160 million for its leveraged buyout of Allianz Marine and Logistics Services Holding, Abu Dhabi’s offshore support vessel (OSV) provider.
The National Bank of Fujairah and the Arab Petroleum Investments Corporation, an energy-focused multilateral financial institution, funded the seven-year deal, Shuaa said in a statement to the Dubai Financial Market, where its shares are traded.
