For 1.23 billion dirhams
Emaar Shopping Mall enters into an agreement with Noon to sell its entire stake in Namshi
The transaction is in line with Emaar's strategy to divest non-core assets of its core business.
Photography: Ahmed Ardeti
Emaar Malls Management Company (wholly owned by Emaar Properties Company) and Noon AD Holding Limited (Noon) announced yesterday the signing of the final contracts required for Emaar Malls Company to sell its entire stake in Namshi Holding Company. Limited” (Namshi) for the benefit of “Noon” for a total cash consideration of 1.23 billion dirhams ($335.2 million).
The specified consideration represents an increase of 127 million dirhams over Emaar Malls Management's total investment in Namshi, including consideration for the purchase and subsequent investment.
The transaction is in line with Emaar's strategy of relinquishing assets that are not material to its core business, in order to ensure sustainable value for its shareholders.
Emaar will invest the proceeds of the transaction in its core real estate development business, in line with Emaar's strategy of redistributing capital within the group, with a focus on investing in businesses of core strategic value.
The transaction is expected to close within the next six months, subject to various conditions being met, including final statutory approvals and approval of Emaar's shareholders, among others.
Emirates NBD Capital Limited and Linklaters LLP provided financial and legal advice to Emaar Shopping Centers Management on the deal, while Credit Suisse and Clyde & Co. LLP provided Financial and legal advice to Noon regarding the same transaction.
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