Freshfields has advised Kuwait Finance House K.P.S.C. (KFH) on its cross-border acquisition of 100% of the issued shares of Ahli United Bank B.S.C. (AUB) through a conditional tender offer by way of share swap.

The deal is the first of its kind in the region and is valued at approximately USD$11.6 billion. The deal was initially contemplated in 2019 and was halted due to COVID-19. Both banks agreed to restart the process in late 2021.

The Freshfields team advising on the transaction was led by partner Pervez Akhtar and counsel Abdallah Maher.  Associates Khaled Al-Assaf and Al-Waleed Al-Kiyumi provided principal support throughout the transaction. UK regulatory and compliance advice was provided by partner Michael Raffan and associate Craig Dewar.