International law firm Hogan Lovells has advised Qatar-based QInvest on its acquisition of a 60 percent stake in a new regionwide investment bank, created through a joint venture with EFG-Hermes.
Under the terms of the acquisition, QInvest will be providing $250 million to increase the capital of the new bank, which will be called EFG Hermes Qatar. EFG-Hermes will control the remaining 40 percent, and have the right to sell its shareholding to QInvest at any time after 12 months (but before 36 months) from the signing for a sum of one billion Egyptian pounds ($165.4 million).
The Hogan Lovells team advising QInvest was led by corporate partner Nick Parden in Dubai, and was supported by of counsel Warren Thomson and trainee Ben Coleman in Dubai. The team also included associates Mona Lemp and Faraz Naqvi in Dubai, in addition to senior associate Mustafa Kamal and associate Irfan Butt in Jeddah.
"This is a significant deal in the region. We are delighted to be working with our client QInvest on this joint venture, which will provide a strong catalyst for the further development and deepening of the MENA financial markets," Parden said.
The joint venture is one of the largest merger and acquisition deals in the region so far this year. ALB
Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.
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