ASAR Advises on Acquisition of Abyat
ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms, acted as Kuwait legal counsel to Al Muhaidib Group, a very well established and reputable Saudi conglomerate, in the acquisition by one of its affiliates, A.K. Al Muhaidib & Sons, of a 35% stake in Abyat Megastore K.S.C.C. The transaction successfully closed on 18th May 2015.
Abyat is one of the leading retailers of building materials, home furniture and furnishings in the region and currently has operations in Kuwait, Kingdom of Saudi Arabia and United Arab Emirates.
Pursuant to this transaction, the Al Muhaidib Group will expand its investments in the furniture and building materials sector.
Commenting on the transaction, Mr. Ezekiel Tuma, Partner at ASAR, said: “ We strongly believe this transaction will enable Abyat and Al Muhaidib Group to benefit from their synergies in their respective businesses and will further strengthen Abyat’s position as one of the leading retailers of building materials, home furniture and furnishings in the region. This investment further signifies the great confidence the Al Muhaidib Group has in Kuwait’s economy. We are delighted to have advised Al Muhaidib Group as Kuwait legal counsel on this important acquisition, and our involvement is further testimony of our firm’s impressive credentials and our ability to advise on cutting edge transactions.”
ASAR’s team on this transaction was comprised of Mr. Ezekiel Tuma (Partner), Mr. Christopher Walugembe (Associate), Mr. Ahmed Abdou (Associate) and Mr. Ahmed Labib (Associate).
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. In October 2014 ASAR won the “IFLR National Law Firm of the Year Award” and the “Project Finance Deal of the Year Award”. In addition, ASAR also won the prestigious “2014 Commercial Litigation Law Firm of the Year” and the “2014 Best Banking and Finance Legal Team –Kuwait” awards from Acquisition International Magazine in 2014. ASAR lawyers also received multiple awards under different categories in the Fourth Edition of “Best Lawyers” in Kuwait.