Browsing: Mergers and Acquisitions

Sony Group Corp. has formally informed Zee Entertainment Enterprises Ltd. its intention to cancel the merger between its India unit and the media network, bringing an end to a two-year acquisition saga.

Saudi Tadawul Group (Tadawul) has agreed to purchase a 32.6 percent stake in Dubai Mercantile Exchange (DME) for $28.5M (SAR 107M), becoming the joint largest shareholder alongside US-based CME Group.

Dubai Sports Council has become a Partner for the fifth edition of the Gov Games, solidifying the collaboration through a memorandum of understanding with the Organising Committee.

Abu Dhabi Commercial Bank has agreed to sell 80% of its stake in Abu Dhabi Commercial Properties (ADCP) to Nine Yards Plus Holding, a subsidiary of Ethmar International Holding based in Abu Dhabi. The announcement was made by the bank on Thursday

Saudi broadcaster MBC Group has garnered $14.5B (SAR 54.5B) in investor orders for its initial public offering (IPO) on the Saudi Exchange (Tadawul).

The General Civil Aviation Authority (GCAA) has entered into two memorandums of understanding (MoUs) with Brazil and Switzerland to bolster collaboration in the realm of air transportation. These agreements were formalized during the UAE delegation’s involvement in the fifteenth ICAO Air Services Negotiation (ICAN2023) event, hosted by the Kingdom of Saudi Arabia in Riyadh.

Ahmed bin Mohamed Al Jarwan, the President of the Global Council for Tolerance and Peace, and Dileita Mohamed Dileita, President of the National Assembly of Djibouti, formalised their collaboration by signing a Memorandum of Understanding (MoU) during the parliamentary meeting of the Inter-Parliamentary Union (IPU).

Qatar’s Ooredoo, Kuwait’s Zain Group, and the UAE’s TASC Towers Holding have formally agreed to merge their combined portfolio of approximately 30,000 cellular towers, forming a $2.2B entity – the largest tower operator in the Middle East and North Africa. In the merged entity, Ooredoo and Zain will each hold 49.3%, achieved through an asset and cash equalisation process, while TASC’s founders will retain the remaining ownership and continue managing business operations. Completion of the deal is anticipated in 2024, subject to regulatory approvals.

Our investment in Rocco Forte Hotels demonstrates PIF’s confidence in the commercial opportunity and strength of the international hospitality and tourism industries, which have exhibited remarkable resilience in recent years,” stated Turqi Al Nowaiser, deputy governor and head of the International Investments Division at PIF.

The Emirates Nuclear Energy Corporation (ENEC) has entered into a Memorandum of Understanding (MoU) with TerraPower, an American company specializing in nuclear innovation.