GLA & CO on AAFS acquisition of BFC Financial Services Group in GCC Deal
GLA & Co, acting as lead counsel, advised UAE-based Al Ansari Financial Services (“AAFS”) in its execution of a share purchase agreement to acquire 100% of BFC Financial Services Group, which has its businesses in Bahrain, Kuwait and India for a purchase price of $200 Million.
About the acquisition
The acquisition will enable AAFS to expand its geographic presence and become the largest remittance and exchange provider in the GCC region by branch network. The combined entity will have over 410 branches (a 60% increase on AAFS’s current branch network) across the UAE, Bahrain, Kuwait, and India, supported by a workforce of approximately 6,000 employees (a 25% increase on AAFS’s current workforce). The transaction is still pending the regulatory approvals and final closing.
GLA & Co’s team
The GLA & Co team was led by managing partner Alex Saleh (pictured left), partner Yousef Al Amly (pictured center) and legal director Dr. Julian Awwad (pictured right) with support from associates Salma Farouq, Habiba Wahdan, Khaled Al Khashab, Jehan Saleh and Liana Rashid. Asad Ahmad, head of competition, advised on competition related issues. In addition, GLA’s Bahrain joint venture partner, Al Doseri Law Firm, advised on all Bahrain local law issues.
