Baker McKenzie Advised Fairfax on its Acquisition of KIPCO’s Shareholding in Gulf Insurance Group
Baker McKenzie Advised Fairfax on its Acquisition of KIPCO’s Shareholding in Gulf Insurance Group
The Canadian-based company has plans to launch the mandatory tender offer in the first quarter of this year
International law firm Baker McKenzie has advised Fairfax Financial Holdings Limited on its acquisition of KIPCO's 46.32 percent shareholding in Gulf Insurance Group K.S.C.P (GIG) for approximately US$ 860 million.
Fairfax is a leading holding company headquartered and listed in Toronto. Through its subsidiaries, it is primarily engaged in property and casualty insurance and reinsurance, and associated investment management.
Listed on Boursa Kuwait, GIG is among the largest and most diversified insurance groups in the Middle East and North Africa. It operates across 12 countries and has a market-leading presence in Kuwait, Jordan, Bahrain, and Egypt.
Following the closing of the acquisition in December last, Fairfax’s shareholding in GIG increased from 43.69 percent to 90.01 percent. The closing was subject to the receipt of all necessary approvals from applicable regulators, including merger control, capital markets, stock exchange, and insurance regulators in relevant jurisdictions in which GIG operates, and the satisfaction of other customary closing conditions.
In accordance with regulations of the Capital Markets Authority of Kuwait, the acquisition closing requires Fairfax to initiate a mandatory tender offer (MTO) to all other holders of shares in GIG. The company has plans to launch the MTO in the first quarter of this year.
The Baker McKenzie cross-practice group team included lawyers from its offices across London, Dubai, Riyadh, Bahrain, Istanbul, Cairo, Brussels, Amsterdam, and Toronto.
The core corporate team was led by London partner George Marshall and Dubai partner Abeer Jarrar. They were supported by senior associates Haya Massoud (Riyadh), Ben Saraci (London) and associates Akshay Prasad (London), and Rebecca Longe (London).
The corporate team comprised Hani Nassef (partner, Cairo), Mohamed Abdelhalim (of counsel, Cairo) and Malak Abou Senna (associate, Cairo).
The banking and finance team included Nick Tostivin (partner, London), Thomas Hosted (senior associate, London), Serge Diaz (trainee, London); Muhsin Keskin (partner, Istanbul), Ece Deniz Gunel (associate, Istanbul), and Marwa Abdulmalik (associate, Bahrain).
The competition, trade and foreign investment comprised Samantha Mobley (partner, London), David Monnier (partner, Riyadh), Mohamed Elfar (counsel, Cairo), Ciara Conte (associate, Brussels), Roma McCool (associate, London), Marwan Othman (associate, Riyadh), Sietske Brinksma (associate, Amsterdam), Esen Ergul (associate, Istanbul), Irem Turgut (associate, Istanbul), and Ruwaa AlAbdullatif (trainee, Riyadh).
The tax team included Alistair Craig (Partner, London), Reggie Mezu (special counsel, Dubai), Marina Tokunova (Legal Director, Amsterdam), and Ben Phillips (senior associate, Dubai).
