International law firm Ashurst has advised jewellery manufacturer and retailer Damas on Qatari conglomerate Mannai Corp’s and Egyptian investment bank EFG Hermes’ $445 million takeover bid in late March.

Mannai Corp and EFG Hermes propose to acquire Damas’ shares for 45 cents per share, and will, on completion, hold indirect interests of 66 percent and 19 percent respectively. Current majority shareholders, Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah, will reinvest to hold an indirect 15 percent interest in the business. On successful completion, Mannai Corp and EFG Hermes intend to delist and cancel trading in Damas' shares.

"We are delighted to be advising Damas again on what is an important and innovative M&A transaction in the region,” said Alastair Holland, head of corporate at the firm. “Ashurst's Middle East corporate and finance teams have advised Damas on all aspects of this complex transaction, which has involved multiple stakeholders and interests."

The Ashurst team was led by partner Alastair Holland with support from senior associate Chris Young. Partner Martyn Rogers and senior associate Aaron Lee provided advice on the financial aspects.

The deal, which is one of the largest merger and acquisition deals in the Middle East to date, comes in the wake of Damas’ $872 million restructuring. The Dubai-based jeweller was in talks with banks to restructure its debt. The 25 banks involved in the restructuring included Barclays and BNP Paribas. ALB

Shaheen Pasha is Middle East Regional editor at ALB. Follow her on Twitter: @ALB_TheBrief.

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