Baker McKenzie has advised Fairfax Financial Holdings Limited on its acquisition of KIPCO's 46.32% stake in the Gulf Insurance Group for approximately USD 860 million.
Fairfax is a Toronto-headquartered and listed holding primarily engaged in property and casualty insurance and reinsurance and the associated investment management.
Listed on Boursa Kuwait, GIG is among the largest and most diversified insurance groups in the Middle East and North Africa, according to Baker, with operations across 12 countries and a market-leading presence in Kuwait, Jordan, Bahrain, and Egypt.
"Following the closing of the acquisition in December 2023, Fairfax’s shareholding in GIG increased from 43.69% to 90.01%. In accordance with regulations of the Capital Markets Authority of Kuwait, closing of the acquisition requires Fairfax to initiate a mandatory tender offer to all other holders of shares in GIG. Fairfax intends to launch the MTO in the first quarter of 2024," the firm announced.
The Baker McKenzie team included Istanbul-based Partner Muhsin Keskin and Associates Ece Deniz Gunel, Esen Ergul, and Irem Turgut as well as teams from the firm's London, Dubai, Riyadh, Bahrain, Cairo, Brussels, Amsterdam, and Toronto offices.
