It currently operates across multiple countries, including Saudi Arabia, Kuwait, the UAE and Bahrain. The investment aligns with Jadwa Investment’s growth strategy, providing them a foothold in a company with a strong regional presence and potential for further expansion. The move also positions Jadwa favourably in anticipation of Gissah’s IPO, offering potential for significant returns on their investment. Were there any notable challenges involved in the transaction? If so, how did you resolve them? The transaction presented both commercial and regulatory challenges inherent to cross-border deals involving multiple jurisdictions, particularly Kuwait and Saudi Arabia. Overcoming these challenges required a delicate balance of legal expertise, negotiation skills and collaboration between our offices. Our team demonstrated resilience and adeptness in navigating through the complexities of differing regulatory environments and commercial considerations. The goodwill and positive approach from all parties involved facilitated smooth resolution of challenges, enabling us to successfully close the transaction. We view this experience as a blueprint for future cross-border deals between Kuwait and Saudi Arabia, aiming to replicate this success and further strengthen bilateral business relations. Can you tell us any more about this transaction and the role that your team played in it? GLA & Company acted as the sole legal counsel for sellers Bait Al Aseel and Bashar Al Ameer in the sale of 35% of their stake in Gissah Perfumes Company to Jadwa Investment, a Saudi private equity firm. The transaction was in preparation for Gissah’s planned initial public offering (IPO) and its relocation to Saudi Arabia. The GLA team oversaw all aspects of the transaction, including negotiation and conclusion of share purchase agreements, shareholders’ arrangements and all closing aspects of the deal. We also facilitated the necessary merger control clearance from the Kuwait Competition Protection Agency, which is a vital step in finalising the transaction. The deal showcased our firm’s regional expertise, with our teams in Kuwait and Saudi Arabia playing substantial roles in ensuring its success. Why did the acquisition of a 35% stake in Gissah for Perfumes appeal to the buyers? The acquisition appealed to the buyers due to the strategic prospects it presented. Gissah is a fragrance company planning an IPO and relocating to Saudi Arabia. Lawyer Monthly had the pleasure to speak with Alex Saleh, Managing Partner at GLA & Company to give us some further insight into this transaction: Legal Advisor to the seller: Legal Advisor to the buyer: Alex Saleh Managing Partner at GLA & Company TRANSACTION INTERVIEW 75
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