Al Futtaim divests stake in ins. JV with Willis Towers

Al Futtaim exits Willis Towers JV: UAE conglomerate Al Futtaim Group plans to divest its 51% stake in Al Futtaim Willis to London-based and Nasdaq-listed advisory firm Willis Towers Watson (WTW), according to a press release (pdf). The sale will give WTW full ownership of the Dubai-based ins. and reins. brokerage firm, ending a JV that spanned nearly five decades.

The pitch: The acquisition will see the London firm fully manage its operations in the UAE and Bahrain, as part of a broader strategy to consolidate regional control and scale up in key markets, Pamela Thomson-Hall, head of international at WTW said.

Where we’re at: The transaction is pending regulatory approval and is slated for completion in the second half of the year. The financial terms of the agreement were not disclosed.

OTHER M&A NEWS-

Masdar wraps Terna Energy buyout: Terna Energy — now a wholly-owned subsidiary of state-run renewables giant Masdar — delisted its shares from the Athens Exchange, following a successful squeeze-out of its former parent company Gek Terna for EUR 20 per share, state news agency Wam reports. The acquisition brought Masdar’s total holding in Greece’s largest renewable energy firm to 100%, up from 70% as of November of last year, valuing the company at USD 3.2 bn.