Noon to acquire Emaar’s fashion venture Namshi for AED 1.23B
Emaar Malls Management (“Emaar Malls”) has entered into a definitive share purchase agreement with Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (“PIF”), to sell 100% of its stake in online fashion retailer Namshi Holding Limited (“Namshi”) for an agreed amount of AED 1.23 billion (USD335.2 million).
The transaction is expected to close in the next few months, subject to meeting various conditions, including inter alia, final regulatory approvals and approval from Emaar’s shareholders.
Global law firm Clyde & Co acted as lead counsel to Noon on the acquisition. Clyde & Co’s cross-practice and cross-jurisdictional team was led by partner Abhimanyu Jalan (corporate, Dubai, pictured left) and senior associate Krishen Patel (corporate, Dubai, pictured right) who were further supported by partners Mark Devaney (IP, Dubai), Sara Khoja (employment, Dubai), Alain Sfeir (corporate, Riyadh), senior associates Ghalya Ali Rashid (corporate, Dubai), Nisha Johar (corporate, Dubai), Ken Wong (commercial, Dubai) and associates Atif Mulla (corporate, Riyadh), Daniel Goddard (commercial, Dubai), Chaya Gupta (banking, Dubai) and Lisa Merod (employment, Dubai).
