Al Tamimi & Company Advised Titan On Acquisition Of Controlling Stake In Iconic Luxury Brand Damas
Al Tamimi & Company Advised Titan on Acquisition of Controlling Stake in Iconic Luxury Brand Damas
Al Tamimi & Company, the leading law firm in the Middle East, has advised Titan Holdings International FZCO (“Titan”), a Tata Group company and the UAE subsidiary of one of India’s most prominent consumer businesses, on its landmark acquisition of a 67% stake in Damas, the iconic luxury jewellery brand. The seller is Qatari Investment Company, Mannai Corporation. Under the terms of the transaction, Titan has the right to acquire the remaining shareholding in Damas following a four-year period.
The enterprise value of the transaction is AED 1.04 billion, representing a significant cross-border M&A deal that underscores the deep investment ties between India and the GCC.
Commenting on the deal, Corporate M&A Partner Suhail Mirza said,
The firm’s integrated transactional teams provided seamless support across all aspects of the transaction. The transaction involves retail operations across the GCC and the engagement of a multi-disciplinary team at Al Tamimi & Company comprising Corporate Structuring, M&A, Real Estate and Competition specialists in all GCC offices. The deal demonstrates the firm’s market-leading cross-border transactional practice, with specialist teams providing full-service M&A support on large, complex deals.
Senior Associate Khadija Hussain added,
The M&A advice was led by Partner Suhail Mirza, with Corporate Structuring advice led by Senior Associate Khadija Hussain and Partner Sherif Rahman, who played a key role in managing the transaction across all offices and specialist teams. They were supported by Angela Bhaseen (Senior Associate, Real Estate), Andrew Thomson (Partner and Head of Real Estate) and Mariam Sabet (Partner and Head of Competition).
Completion of the transaction is subject to satisfaction of customary conditions precedent and regulatory approvals.
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