Baker McKenzie Advised UltraTech Cement On Its Successful UAE Tender Offer
Baker McKenzie Advised UltraTech Cement On Its Successful UAE Tender Offer
Baker McKenzie provided legal counsel to UltraTech Cement Middle East Investments Limited (UltraTech), a wholly owned subsidiary of UltraTech Cement Limited, a prominent multinational cement company headquartered in India and part of the Aditya Birla Group.
The advisory was in relation to UltraTech's successful cash tender offer to acquire an additional 25% stake in Ras Al Khaimah Co. for White Cement & Construction Materials (RAKWCT). RAKWCT is a publicly listed company on the Abu Dhabi Securities Exchange (ADX) and one of the largest manufacturers and distributors of white cement, lime, and concrete blocks in the region.
The tender offer commenced on 28 May 2024 and concluded on 10 July 2024. Notably, this transaction marks the first partial tender offer executed under the rules and regulations of the UAE Securities and Commodities Authority, and it is also the third all-cash tender offer in the UAE.
Abeer Jarrar, Corporate M&A Partner who led the transaction commented: “This notable acquisition represents a significant milestone for both UltraTech and the regional cement industry. Our team is proud to have provided the legal expertise to navigate this complex and unique process. The successful completion of this deal highlights our capability to handle pioneering public M&A transactions, including the first ever partial tender offer to be executed under SCA's regulations, and the third all cash tender offer in the UAE".
Baker McKenzie acted as legal adviser to UltraTech on all UAE and international legal aspects of the tender offer. The team was led by UAE-based Corporate Partner Abeer Jarrar, and was supported by Tala Shomar (Senior Associate), Neda Bahador (Associate) and Razan Obeidat (Trainee).
London-based Partner and Global Head of Capital Markets, Adam Farlow provided support on the international legal aspect of the tender offer.
Abu Dhabi Commercial Bank PJSC (ADCB) acted as sole Transaction Manager.
