Solidarity Bahrain acquires 25% stake in Alliance Insurance

Solidarity Bahrain snags 25% stake in Alliance Ins.: Bahrain-based ins. company Solidarity Bahrain acquired a 25% stake in DFM-listed Alliance Ins. for AED 112.5 mn, according to a disclosure (pdf) to the Bahrain Bourse. The transaction received approval from both the Central Bank of the UAE and the Central Bank of Bahrain.

The details: Solidarity purchased 250k shares at AED 450 per share, funding the transaction through a mix of debt and equity.

What they said: “The acquisition presents a strategic [window] for Solidarity Bahrain to establish a strong presence in the UAE, leveraging Alliance’s established market position,” the statement reads.