Successful advisory to Intergrated Financial Group

04 Oct 2017

Simmons & Simmons successfully advises on significant M&A transaction in the Middle East

SHUAA Capital PJSC (“SHUAA”) has executed an agreement with Integrated Financial Group (“IFG”) for the acquisition of Integrated Capital and Integrated Securities. As part of the instructions, Simmons & Simmons advised IFG in relation to the selling of the entire issued share capital of Integrated Capital, an investment company regulated by the United Arab Emirates Central Bank, and Integrated Securities, a securities brokerage company regulated by the Emirates Securities and Commodities Authority, to SHUAA.

The signing of the agreement followed the completion of the due diligence process initiated in March 2017. The strategic and complex acquisition (which remains subject to regulatory approvals) of two of the UAE’s most active and successful financial institutions brings improved synergies and subsequently enhances SHUAA’s suite of products and services.

Integrated Securities, which IFG acquired from First Gulf Bank in 2014, ranks within the top 10 by volume traded in the UAE. The acquisition brings more than 3,000 clients and over AED 15bn shares in custody which positions SHUAA to offer one of the leading brokerage platforms in the region, and will also serve as a base for further expansion. Integrated Capital will combine with SHUAA’s developing capital markets business which provides access to regional and international securities on the primary and secondary markets.

The transaction required material Arabic language capability, in particular in connection with advising in connection with the approvals required from the United Arab Emirates Central Bank and the Emirates Securities and Commodities Authority.

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