Global legal practice Norton Rose Fulbright’s Abu Dhabi corporate team has advised First Gulf Bank PJSC (FGB) on USD 164million acquisition of the entire issued share capital of Dubai First PJSC (Dubai First).
The sale was structured as an auction process with 22 initial contesting bidders.
This is the first major acquisition for FGB.
As one the major leading banks in the UAE, FGB announced last month that it has signed an agreement to acquire Dubai First from Dubai Financial Group LLC for AED 601 million(USD 164 mil) in cash.
Dubai First is a leading consumer finance company specialising in liability and credit card products and the acquisition will enhance FGB’s retail capabilities and client base.
According to David Baylis, Head of the Abu Dhabi office, Norton Rose Fulbright, the firm is delighted to have advised on the successful bid and FGB’s first acquisition and the landmark transaction truly reflects FGB’s commitment to strengthening its financial product capabilities and expanding its network in the industry.
Baylis spent three years in the Dubai office where he acted for the Government of Dubai and has been involved in establishing Emirates Airlines and the Dubai Duty Free.
The team was led by Baylis, assisted by Abu Dhabi based partner Dino Wilkinson, Dubai based partners Matthew Escritt and Nick Clayson and London based partner Ffion Flockhart and supported by Akshay Dosaj, Helen Perrin, Khaled Aloklah, Cynthia Cheng, Natasha Kavanagh, Salma Peacock, Geoffrey Heaton, Martin Schneider and Steve Hadwin.
EFG-Hermes acted as the sole financial advisers and Freshfields Bruckhaus Deringer as legal adviser to Dubai Financial Group LLC (DFG), the seller and parent company of Dubai First.
In related reports, Norton Rose’s global revenue has risen up to USD 1.334 billion during 2012-2013, an increase of four per cent, which does not include the Fulbright arm as the figures are cumulated up to April 30th.
Head of Abu Dhabi office, Norton Rose Fulbright