ASAR Advises Fairfax on USD 860 Million GIG Stake Acquisition 

ASAR – Al Ruwayeh & Partners, a prominent law firm in Kuwait and Bahrain, has played a key role as Kuwait counsel in advising Fairfax Financial Holdings Limited and its affiliates (Fairfax) on the acquisition of Kuwait Projects Company (Holding) (KIPCO)’s 46.32% stake in Gulf Insurance Group (GIG) for approximately USD 860 million through off-market trades. GIG, listed on Boursa Kuwait, is a major and diversified insurance group in the Middle East and North Africa, operating in 12 countries. 

Upon the completion of the acquisition in late 2023, Fairfax’s ownership in GIG surged from 43.69% to 90.01%. The successful closure was contingent upon obtaining approvals from various regulatory bodies, including the Kuwait Competition Protection Authority, the Kuwait Capital Markets Authority, Boursa Kuwait, and the Kuwait Insurance Regulatory Unit, along with meeting standard closing conditions. 

Post the acquisition, in compliance with Law No. 7 of 2010 and its amendments, Fairfax will launch a mandatory tender offer (MTO) to all remaining GIG shareholders. ASAR continues to support Fairfax in navigating the upcoming MTO process. 

The ASAR team was led by Rob Little (pictured left) and Laurent Levac (pictured right). The broader team included: David Walker, John Cunha, Mohammad Abulwafa, Emile Helou, Ahmed Labib, Hussein Azmy and Ahmed Abbas. 

ASAR acted in collaboration with the Baker McKenzie cross-practice group teams based in London, Dubai, Riyadh, Bahrain, Istanbul, Cairo, Brussels, Amsterdam and Toronto. Baker McKenzie acted as lead international counsel on this matter.  

Click here for further details on the Baker McKenzie team.