NBK buys 51% of Upayment: the advisors
Asar has advised National Bank of Kuwait (NBK) on the acquisition of 51% of shares, a controlling stake, in Upayments, itself advised by Meysan. The deal was announced last February (here the news).
Asar provided comprehensive legal counsel throughout the transaction, including on matters concerning the drafting of all transaction documentation, assisting with regulatory requirements such as obtaining requisite merger control approvals, conducting due diligence, and managing and collecting all closing deliverables. The transaction presented unique challenges, notably the restructuring of Upayments during the completion period to comply with directives and resolutions of the Central Bank of Kuwait. Asar also defended National Bank of Kuwait before the Kuwait Competition Authority against objections filed by fintech competitors.
The teams
The Asar team was led by partner Rob Little (pictured), head of banking & finance, capital markets and M&A, and supported by associate Mustafa Sayed.
The Meysan team was led by partner Abdulwahab Sadeq (pictured left) and counsel Neyla Rahal. Meysan’s team reviewed and negotiated key transaction documents, and drafted operational agreements for the company’s post-completion phase. The team maintained constant coordination between all contracting parties and engaged with regulatory authorities to guarantee compliance with legal requirements and deadlines.
