Banking & Finance ADQ in talks to buy Turkish lender Odeabank Abu Dhabi sovereign wealth fund ADQ is in discussions to buy Turkish lender Odeabank as it seeks to expand its international footprint. The fund has been engaged in talks over the past few months to buy the bank owned by Lebanon’s Bank Audi SAL, Bloomberg reported quoting informed sources. However, the report said that no final […] August 14, 2024
Finance Adia consortium in $6.9bn deal for UK trading platform A consortium including Abu Dhabi’s biggest sovereign wealth fund has agreed a deal to buy UK stock trading platform Hargreaves Lansdown for £5.4 billion ($6.9 billion), the London-listed company said on Friday. Abu Dhabi Investment Authority (Adia) subsidiary Platinum Ivy and private equity firms CVC and Nordic Capital will buy all Hargreaves Lansdown shares, which […] August 9, 2024
Analysis Construction French construction major chases growth in Middle East Saint-Gobain’s $1 billion takeover of Dubai’s Fosroc highlights the growing importance of the Middle East to the company and the construction industry, according to executives at the French conglomerate. The all-cash transaction for Fosroc, which makes construction chemicals, was agreed at the end of last month. Saint-Gobain expects the deal to close in the first […] July 10, 2024
Infrastructure Saudi telco STC ends talks to buy Altice Portugal Saudi telecom group STC has ended talks with French-Israeli tycoon Patrick Drahi to buy Altice Portugal after a disagreement over the price. The Public Investment Fund-owned company, which is listed on the Saudi stock market, had offered 8 billion euros ($8.67 billion) for Altice Portugal, the European country’s largest telecommunications player, Portuguese online business site […] July 8, 2024
Finance Dubai’s Sidara wins extension in John Wood Group bid Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has been granted an extension in its quest to buy London-listed contractor John Wood Group. Sidara had proposed an offer of 230 pence sterling per share, giving Wood a valuation of £1.58 billion ($2 billion), significantly higher than the first of three bids, […] July 4, 2024
Oil & Gas Adnoc and Aramco consider bids for Australia’s Santos State-backed oil companies of the UAE and Saudi Arabia are considering bidding for Australia’s energy company, Santos, according to a media report. Aramco and Abu Dhabi National Oil Company (Adnoc) are conducting preliminary studies on acquiring Santos, Bloomberg said, adding no bids have been finalised. Shares of Santos rose nearly 1 percent on the Australian […] July 4, 2024
Industry Adnoc makes final bid for German chemicals maker German chemical company Covestro AG has confirmed that it has started “concrete negotiations” over a $12.5 billion offer from Abu Dhabi National Oil Company (Adnoc). Covestro said in a statement that Adnoc had offered €62 ($67) a share as a starting point for the negotiations, which are subject to the completion of due diligence. In […] June 25, 2024
Analysis Markets Rise in startup exits a sign of UAE’s ‘market maturity’ Startup exits – when a new company sells its ownership or stock, for profit or at a loss – are rising sharply in the Gulf, which observers say is proof of a maturing ecosystem. Across the Middle East and North Africa, 43 startup exits were recorded in 2023, up from 15 in 2015, according to […] June 20, 2024
Infrastructure Qatar company buys Kazakh mobile network for $1bn Qatar Power International Holding has bought Kazakhstan’s largest mobile phone network. The Qatari company, a private conglomerate based in Lusail, has bought Kazakhtelecom subsidiary Mobile Telecom-Service LLP, Reuters reported, citing a statement from the Kazakh government on Tuesday. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI […] June 19, 2024
Infrastructure STC weighs bid for Dutch telecom operator Saudi telecoms conglomerate STC Group has initiated talks to buy the Dutch telecom and pay-TV operator United Group. British private equity firm BC Partners has enlisted advisors to start the sale of United Group, Reuters reported, quoting unnamed sources. STC has begun early discussions regarding a potential transaction, the report added. NewsletterGet the Best of AGBI […] June 4, 2024
Oil & Gas Adnoc ends talks to buy stake in Brazilian petchem producer Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped […] May 7, 2024
Industry UAE’s Edge Group buys stake in tear gas manufacturer The UAE’s state-owned defence company Edge Group has acquired 51 percent of a Brazilian company which specialises in the manufacture of non-lethal technologies (NLT) such as tear gas and rubber bullets. Condor Non-Lethal Technologies (Condor) has presence in more than 85 countries and is the world’s largest producer of tear gas and related products for […] May 2, 2024
Infrastructure Report links e& to acquisition of $8.6bn Dutch telco The UAE’s e&, formerly known as Etisalat, is planning to acquire Dutch telecom operator United Group BV as part of its overseas expansion strategy, according to a media report. The Abu Dhabi-listed company has been evaluating a possible purchase of United Group, Bloomberg reported, citing informed sources. Private equity firm BC Partners, the current owners […] May 1, 2024
Opinion Banking & Finance Bahrain bank mergers are good news for the kingdom and the Gulf It is likely that a merger of NBB and BBK would take the new bank into the top 30 April 29, 2024
Tech UAE merger creates world’s most valuable listed space company The world’s most valuable publicly listed space company has been created after shareholders of analytics provider Bayanat and “satellite solutions” company Al Yah Satellite Communications Company (Yahsat) agreed to a merger. The deal will help to further Abu Dhabi’s ambitions to be at the centre of the drive towards autonomous vehicles. The newly created Space42 […] April 26, 2024
Analysis Finance More GCC insurance mergers likely after flooding impact Consolidation in the GCC’s insurance sector – already underway because of rising competition and stricter regulations on solvency capital requirements – could be accelerated by the impact of the flooding in the region last week. Ratings agency S&P Global said this week that many insurance companies – mainly in the UAE, Kuwait and Saudi Arabia […] April 25, 2024
Industry Tawal merger to create giant Saudi telecom towers company Saudi Arabia is creating a new telecommunications infrastructure company, which is expected to have 30,000 mobile tower sites and estimated annual revenues of $1.3 billion. The new entity will be created following the merger of Tawal, the largest telecommunications infrastructure company in Saudi Arabia, and Golden Lattice Investment Company (GLIC), which is majority-owned by the […] April 22, 2024
Oil & Gas UAE’s Adnoc explored acquiring BP Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said. The talks did not advance beyond the initial stages, Reuters reported, citing informed sources. The UAE state oil company also sought advice […] April 14, 2024
Opinion Economy In the Gulf, the age of the petrodollar will not be ending soon GCC currency pegs have provided stability for 40 years. The dollar remains the best bet for oil exporters April 2, 2024
Banking & Finance Egyptian banks complete merger but M&A activity falls Bank ABC Egypt has announced the completion of its merger with Blom Bank Egypt, which aims to treble its market share in the North African country. The integration has doubled the size of the Egyptian network of branches and ATMs of Bahrain-based Bank ABC. It follows Bank ABC’s acquisition of a 99.5 percent stake in […] March 25, 2024
Industry Abu Dhabi’s IRH completes Zambian copper mine deal Abu Dhabi’s International Resources Holdings (IRH) has completed its acquisition of Mopani Copper Mines in Zambia and is reported to be interested in acquiring more of the country’s minerals industry. IRH is part of International Holding Company, Abu Dhabi’s most valuable company. Previous reports said IRH would invest $1.1 billion through the deal in return […] March 22, 2024
Analysis Banking & Finance Mergers drive growth in Bahrain’s Islamic finance sector When Al Salam Bank, one of the largest Islamic banks in Bahrain, became majority shareholder of its Algerian subsidiary last June, CEO Rafik Nayed made clear that the shopping spree was not over. Mergers and acquisitions “will remain an important pillar of our growth plans”, Nayed said – and last month Al Salam announced a […] March 13, 2024
