ASAR is pleased to announce that it acted on behalf of the shareholders of Alghanim Trading Co. WLL (ATCO) in relation to the sale of ATCO to Warba Bank K.S.C.P. (Warba) for the sum of KWD 498.2 million (approximately USD 1.6 billion). As part of the transaction, Warba acquired an indirect ownership interest of 32.75% in Gulf Bank K.S.C.P. (Gulf Bank), one of the leading conventional banks in Kuwait.

The transaction team at ASAR was led by Sam Habbas, and with Laurent Levac playing a central role throughout the matter.

With ATCO’s 32.75% indirect ownership interest in Gulf Bank, this transaction will reshape the ownership structure of a key Kuwaiti bank and will also re-define Kuwait’s banking landscape, given that Warba - an Islamic bank - has acquired a significant stake in one of Kuwait’s leading conventional banks.

ASAR’s involvement in this landmark transaction highlights our expertise and experience, and also reinforces our ability to navigate high-value and complex transactions of the above nature.

Congratulations to all involved in this significant landmark transaction!