Hogan Lovells advised longstanding client QInvest on the acquisition by way of joint venture of a 60% stake in the investment banking, asset management and brokerage business of EFG Hermes. This is one of the Middle East’s largest M&A deals this year. The deal was announced on 4 May 2012.
Subject to regulatory approval in several jurisdictions and EFG Hermes shareholder approval, QInvest, Qatar’s largest investment bank, will take 60% ownership in a joint venture with EFG Hermes, the leading investment bank in the Arab world with operations throughout the Middle East, by way of a $250 million capital injection.
The joint venture has the aim of creating a leading investment bank with operations in the Arab world and beyond, comprehensively covering the Middle East, Africa, Turkey and South and South East Asia.
The Hogan Lovells team advising QInvest was led by corporate partner Nick Parden in Dubai, supported by Of Counsel Warren Thomson and trainee Ben Coleman in Dubai.
The team also included associates Mona Lemp and Faraz Naqvi in Dubai and senior associate Mustafa Kamal and associate Irfan Butt in Jeddah. Hogan Lovells is also coordinating local counsel across the Middle East and elsewhere.
This is the second major corporate transaction on which Hogan Lovells has advised QInvest, having acted in 2009 on the acquisition of a controlling interest in Panmure Gordon plc.
Commenting on the transaction, Dubai Co-Office Managing Partner Nick Parden said:
“This is a significant deal in the region. We are delighted to be working with our client QInvest on this joint venture, which will provide a strong catalyst for the further development and deepening of the MENA financial markets.”
