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ASAR – Al Ruwayeh & Partners Acts as Kuwait Law Counsel to Fairfax on its USD 860 Million Acquisition of KIPCO’s Shareholding in Gulf Insurance Group

Leading Kuwait and Bahrain law firm, ASAR Al Ruwayeh & Partners (ASAR), has acted as Kuwait counsel to Fairfax Financial Holdings Limited and affiliates (Fairfax) on its acquisition (via off market trades) of Kuwait Projects Company (Holding) (KIPCO)’s 46.32% shareholding in Gulf Insurance Group K.S.C.P. (GIG) for approximately US$ 860 million (subject to adjustment for GIG dividends received by KIPCO during 2023). Listed on Boursa Kuwait, GIG is among the largest and most diversified insurance groups in the Middle East and North Africa, with operations across 12 countries.

Following closing of the acquisition at the end of 2023, Fairfax’s shareholding in GIG increased from 43.69% to 90.01%.  Closing of the acquisition was subject inter alia to the receipt of all necessary approvals from applicable regulators, including the Kuwait Competition Protection Authority, the Kuwait Capital Markets Authority, Boursa Kuwait and the Kuwait Insurance Regulatory Unit and the satisfaction of other customary closing conditions.

In accordance with the provisions of Law No. 7 of 2010 (as amended) and its executive regulations (as amended), after the closing of the above acquisition, Fairfax will initiate a mandatory tender offer (MTO) to all other holders of shares in GIG. ASAR is assisting Fairfax with respect to the upcoming MTO.

The ASAR team was led by Rob Little and Laurent Levac. The broader team included: David Walker, John Cunha, Mohammad Abulwafa, Emile Helou, Ahmed Labib, Hussein Azmy and Ahmed Abbas.

ASAR acted in collaboration with the Baker McKenzie cross-practice group teams based in London, Dubai, Riyadh, Bahrain, Istanbul, Cairo, Brussels, Amsterdam and Toronto. Baker McKenzie acted as lead international counsel on this matter. Contact us to find out how we can be of assistance to you in relation to you and your business.

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