Dar al Takaful to Complete Noor Takaful Acquisition by end June 2020

In an announcement on the 7th of June 2020, Dar Al Takaful (DAT) in the United Arab Emirates (UAE) announced its entry into a legally binding share purchase agreement with domestic competitor Noor Takaful (NT), for the complete purchase of its Noor Takaful General and Noor Takaful Family units.

According to DAT’s statement, the acquisition, which is expected to be finalised by the end of June 2020 (subject to customary closing conditions), will take place at a cash consideration of AED 215 million. According to a statement filed on the Dubai Financial Market website, DAT confirmed that there were no related party involvements in the deal. The deal has been approved by DAT’s shareholders, the Securities and Com...