Kuwait Business: GIG leads Kuwaiti-led M&A transactions for 2021 – Gulf Digital News

Kuwait Business: GIG leads Kuwaiti-led M&A transactions for 2021 – Gulf Digital News

Gulf Insurance Group (GIG) leads the top M&A transactions led by Kuwaiti buyers during 2021 as per a report recently issued by the Investment Banking Department at Kuwait Financial Centre (Markaz).

The report highlights the multi-million-dollar transaction whereby GIG acquired 100% of AXA S.A.’s operations throughout the GCC for a total consideration of $474.8 million. As a part of this transaction, GIG will acquire 100% of AXA Gulf, a 50% stake in AXA Cooperative Insurance Company and a 28% stake in AXA Green Crescent Insurance Company, from AXA S.A. and Yusuf Bin Ahmed Kanoo Group .

Al Futtouh Holding Company led the second largest closed by a Kuwaiti buyer as it acquired a 45% stake in Al Ansar United Real Estate Company for a total consideration of $161.4 million. It is worth noting that the target is a subsidiary of Kuwait Projects Holding Company (the seller), who intends to divest an additional 10% stake in the company however it has yet to finalize the transaction.

Moreover, Al Janah Holding Company acquired a 10% stake in Qurain Petrochemical Industries Company from Petrochemical Industries Company (PIC) for $154.0 million. PIC divested all 110.0 million of its shares in the company through an auction that closed