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Al Ansari Financial Services to fully acquire Bahrain forex firm: Al Ansari Financial Services signed a sale and purchase agreement to acquire 100% of Bahrain-based foreign exchange and remittance company BFC Group for AED 735 mn (USD 200 mn), according to a press release (pdf). The company is set to complete the transaction in 1Q 2025, pending regulatory approvals.
What the combined entity looks like: Al Ansari will be the largest remittance and exchange provider in the GCC region in terms of branch network post-acquisition. The company will have 410 branches under its belt — a 60% boost from the number of branches it currently operates — across the UAE, Bahrain, Kuwait, and India, with a workforce of around 6k, up 25% from Al Ansari’s current staff.
A boost to Al Ansari’s revenues: The combined entity’s consolidated revenues in FY 2023 amount to some AED 1.4 bn (USD 385 mn) in FY 2023, reflecting a 22% increase over Al Ansari’s prior revenue figures.
OTHER M&A NEWS-
NMDC eyes majority stake in Emdad: The National Marine Dredging Company (NMDC) is looking to acquire a 70% stake in Abu Dhabi-based integrated oil and gas services firm Emdad, according to an ADX disclosure (pdf). NMDC has submitted a binding offer of an undisclosed value to purchase the stake, after completing due diligence.
What’s next? The offer will remain binding until 5 August, and is subject to regulatory approvals.
