GCC market seals 59 M&A deals in Q3; Multiply tops list

GCC market seals 59 M&A deals in Q3; Multiply tops list

Multiply Group leads the GCC M&A in Q3 2022 as the market sealed a total of 59 transactions, a growth of 23% y-o-y, said a report issued by the Investment Banking Department of Kuwait Financial Centre ‘Markaz’.

Saudi Arabia recorded the highest level of growth in M&A (mergers and acquisitions) quarter on quarter, at 175%, while UAE recorded the highest level of growth yoy, at 50%.

Multiply Group had invested $2.7 billion to acquire a 7% stake in Abu Dhabi National Energy Company.

Al Salam Bank

Following this is Al Salam Bank, which recorded the second largest transaction sealing its $2.2 billion acquisition of Ithmaar Bank’s consumer banking businesses alongside a portfolio of sukuk issued by the Government of Bahrain and the group’s indirect shareholdings in Bank of Bahrain and Kuwait, Solidarity Group Holding, Mastercard Inc and the Benefit Company.

ADES Arabia Holding took the third place penning a binding agreement with Seadrill Limited to acquire the shares of seven of its entities, each of which owns and operates a jack up drilling rig, for a total consideration of $628 million. The company expects to seal the deal in Q4 2022, upon obtaining regulatory approvals.

Qatar Electricity & Water Company (Qatar Electricity) finalised its acquisition of