In one of the major transactions in the GCC this year, 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.

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.

The transaction highlights GLA & Co as one of the leading MENA regional law firms as the deal has UAE, Bahrain and Kuwait aspects to the same in addition to international matters in India.    The GLA & Co team was led by Alex Saleh, Managing Partner,  Partner Yousef Al Amly and Legal Director Dr. Julian Awwad, 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.

Alex Saleh, Managing Partner, said that “this important transaction highlights why GLA & Co was formed a few years ago, to be the top regional law firm able to seamlessly handle transactions that affect multiple jurisdictions in both the GCC and greater MENA region.” 

Nader Al Awadhi, Senior Partner added, “it was wonderful seeing how our teams in the UAE, Kuwait and Bahrain interact as one to deliver quick, fast and most importantly top local expertise to ensure our client could achieve all of its important milestones in this exciting deal.”

For more information, please contact Alex Saleh, Managing Partner and see: Al Ansari Financial Services Press Release.

About GLA & Company

GLA & Company is a regional MENA-based law firm with offices in Bahrain, Egypt, Kuwait, Saudi Arabia, Qatar and UAE. It provides strategic, cost-effective and forward-thinking legal representation for companies seeking to do business in the Middle East. The firm boasts a diverse portfolio of clients, ranging from start-ups to global enterprises doing business in the Middle East. GLA’s practice consists of a full-service law firm that handles everything from simple advisory work to complex contentious and non-contentious matters. With extensive experience advising clients in the key Gulf Cooperation Council (GCC) states of Bahrain, Kuwait, Saudi Arabia, Qatar and the UAE – as well as in Egypt  – the firm offers unique insights for companies seeking quality legal services.