Riyadh, Kingdom of Saudi Arabia: Baker McKenzie has advised Allianz Group, one of the world's leading insurers and asset managers, on the sale of its 51% shareholding in Allianz Saudi Fransi Cooperative Insurance Co (Allianz Saudi Fransi) to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider headquartered in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange. The transaction has closed on 17 April 2024 after clearing regulatory approvals.

The Baker McKenzie transactional team was led by Corporate partner Mohammad Al Rasheed and was supported by senior associate Haya Massoud and associates Rami Younes and Tina-Maria Kassouf. Mohammad Al Rasheed, remarked on the significance of the transaction, stating: "It was a pleasure to have advised Allianz Group on the sale of their majority stake in Allianz Saudi Fransi. This deal had a number of unique aspects and will serve as a blueprint for other transactions in the future. We extend our congratulations to the Allianz Group on this milestone achievement."

This transaction further solidifies Baker McKenzie's track record of successful dealmaking in the Kingdom of Saudi Arabia.

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For more information, please contact:
Rawan Lutfi
MENA Senior Executive - Communications
Rawan.Lutfi@bakermckenzie.com
+971 4 542 1924