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Abu Dhabi Financial Group and SHUAA Capital to merge

Christian Fernsby |
Abu Dhabi Financial Group and SHUAA Capital have agreed terms to combine the two businesses in a milestone transaction for the regional financial services industry.

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The combination of ADFG and SHUAA will build on the successful collaboration to date, which has seen SHUAA making continued progress towards long-term sustainable profitability since ADFG’s original investment in November 2016.

The transaction is a natural next step, enabling ADFG and SHUAA to accelerate their growth ambitions by fully integrating the two businesses.

Furthermore, it represents a transformational combination to establish the leading Asset Management and Investment Banking platform in the region.

Under the terms of the Transaction, SHUAA will issue 1,470,720,000 new SHUAA shares to ADFG’s parent company Abu Dhabi Capital Management (the Strategic Investor) in return for the entire issued share capital of ADFG.

This implies the Strategic Investor will own 58% of the enlarged entity.

As a demonstration of the Strategic Investor’s commitment to the Transaction, the new SHUAA shares will be subject to a 12-month lock-up from the date of admission.

The agreed valuation represents a 60% premium to the undisturbed SHUAA share price.

Following the admission of the new SHUAA shares, the issued share capital of SHUAA will increase from 1,065,000,000 SHUAA shares to 2,535,720,000 SHUAA shares.

The combined entity will remain listed on Dubai Financial Market and is expected to be rebranded as “ADFG” with work on a full integration plan underway.


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