Kuwait – 2 June, 2017: ASAR – Al Ruwayeh & Partners (ASAR) is pleased to have acted as Kuwait law counsel to the shareholders of Carriage Logistics General Trading Company WLL (Carriage) in the acquisition by Delivery Hero Group of 100% of the share capital of Carriage. This acquisition sets numerous landmarks in terms of deal structuring and its valuation which will shape and influence Kuwait’s mergers and acquisitions market for many years.
Carriage is a young and fast-growing food delivery platform incorporated and headquartered in Kuwait with operations in Kuwait and other Gulf Council Countries (GCC). Carriage adopts a hybrid business model offering both, delivery marketplaces and own delivery services in the Middle East, allowing it to add restaurants to its marketplaces that either do not offer delivery services themselves or intend to discontinue their own delivery services.
The ASAR team involved in the transaction was led by ASAR partners Ibrahim Sattout and Ezekiel Tuma. The team also included Abdelkhalig Shaib, and Dania Dib.
Ibrahim Sattout, Partner at ASAR noted that: “ASAR is most proud to have been part of the Carriage acquisition. It is particularly interesting to see a locally grown start-up achieving great success within such a short period of time. This transaction is testimony that Kuwait deserves a place on the map for successful technology based start ups. At ASAR, we have far reaching experience with regard to similar transactions and the Carriage transaction further bolsters our market leading position in this context.”
Ezekiel Tuma, Partner at ASAR said: “We are thrilled to have been part of this landmark transaction. The story of Carriage is indeed one worth paying keen attention to. Carriage is essentially a start-up business that kicked off in Kuwait hardly a year ago. The business has grown so fast that it has attracted international attention and of course an international buyer of repute.
The success of the business and the acquisition are a demonstration that the fundamentals of Kuwait’s economy are sound and the outlook is very bright indeed. We also believe that this deal will be a key influence to Kuwait’s mergers and acquisitions market and our firm will continue to be available to advise and guide our clients through complex transactions of this nature.”
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 2016, ASAR was awarded with the IFLR National Law Firm of the Year Award; an award which ASAR has been delighted to receive for the 8th consecutive year.
The firm also won the “Best Restructuring Deal in the Middle East” award by IFLR in 2014. Further, the firm 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 have also received multiple awards under different categories in the Fourth Edition of ‘Best Lawyers’ in Kuwait.