Kuwait: Q Holding leads the top GCC M&A transactions during 9M 2023 as per a report recently issued by the Investment Banking Department at Kuwait Financial Centre “Markaz”. The report highlights the USD 7.0 billion transaction that was announced by the Emirati company whereby it revealed its plans to merge ADQ Real Estate and Hospitality Investments and IHC Capital Holding's entities, including Modon Properties, Abu Dhabi National Exhibition Company, and various other assets under the Q Holding umbrella.   

In the second position, Jazan Integrated Gasification and Power Company secured the second-largest transaction by finalizing its acquisition of the Jazan Integrated Gasification Combined Cycle (IGCC) plant from Saudi Aramco, valued at USD 4.8 billion. The acquisition was phased out with the first group of IGCC assets acquired for USD 7.2 billion on the 18th of October 2021 financed through senior debt facilities. The Saudi Public Investment Fund took on the following transaction, penning a binding agreement with Saudi Basic Industries Corporation to acquire the shares of Saudi Iron and Steel Company, for a total estimated enterprise value of USD 3.3 billion, with the final sales price to be disclosed as the closing date approaches. Moreover, Brookfield Asset Management and the consortium of CVC Capital Partners Limited and Francisco Partners submitted substantial billion-dollar bids with intentions to acquire UAE's Network International. Initially, CVC Capital and Francisco Partners jointly presented a cash offer of 387 pence per share, totalling approximately USD 2.7 billion for the complete 100% ownership of Network International. Subsequently, following this announcement, Canadian-based Brookfield Asset Management also submitted a non-binding offer to acquire the entire Network International at a rate of 400 pence per share, estimated to be around USD 2.7 billion. Lastly, Fairfax Financial Holding Company Limited announces intentions to acquire an additional 46.3% stake in Gulf Insurance Group for KD 263.7 million (USD 858.4) from Kuwait Projects Company Holding. Post transaction, Fairfax will be the largest shareholder in Gulf Insurance Group owning approximately 90.0% of the company.

Read the full report here.

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About Kuwait Financial Centre “Markaz”

Established in 1974, Kuwait Financial Centre K.P.S.C “Markaz” is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.17 billion as of 30 June 2023 (USD 3.82 billion). Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors’ horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first and only options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz.

For further information, please contact:

  • Sondos S. Saad
  • Media & Communications Department
  • Kuwait Financial Centre K.P.S.C. "Markaz"
  • Email: ssaad@markaz.com