{"id":94361,"date":"2024-07-31T00:00:00","date_gmt":"2024-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/al-ansari-financial-services-to-fully-acquire-bahrains-bfc-group\/"},"modified":"2024-07-31T00:00:00","modified_gmt":"2024-07-31T00:00:00","slug":"al-ansari-financial-services-to-fully-acquire-bahrains-bfc-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/31\/al-ansari-financial-services-to-fully-acquire-bahrains-bfc-group\/","title":{"rendered":"Al Ansari Financial Services to fully acquire Bahrain\u2019s BFC Group"},"content":{"rendered":"

Al Ansari Financial Services to fully acquire Bahrain forex firm:<\/strong> Al Ansari Financial Services signed a sale and purchase agreement to acquire 100% of Bahrain-based foreign exchange and remittance company <\/span>BFC Group<\/a> for AED 735 mn (USD 200 mn), according to a <\/span>press release (pdf)<\/a>. The company is set to complete the transaction in 1Q 2025, pending regulatory approvals.<\/span><\/p>\n

What the combined entity looks like: <\/strong>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 \u2014 a 60% boost from the number of branches it currently operates \u2014 across the UAE, Bahrain, Kuwait, and India, with a workforce of around 6k, up 25% from Al Ansari\u2019s current staff.<\/span><\/p>\n

A boost to Al Ansari\u2019s revenues:<\/strong> The combined entity\u2019s 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\u2019s prior revenue figures.<\/p>\n

OTHER M&A NEWS-<\/p>\n

NMDC eyes majority stake in Emdad: <\/strong>The National Marine Dredging Company<\/a> (NMDC) is looking to acquire a 70% stake in Abu Dhabi-based integrated oil and gas services firm Emdad<\/a>, according to an ADX disclosure (pdf)<\/a>. NMDC has submitted a binding offer of an undisclosed value to purchase the stake, after completing due diligence.<\/p>\n

What\u2019s next? <\/strong>The offer will remain binding until 5 August, and is subject to regulatory approvals. <\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition is set to close by 1Q 2025<\/p>\n","protected":false},"author":1,"featured_media":94362,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[1717,29,7,1344,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-al-ansari-financial-services","tag-capital-markets","tag-enterpriseam-uae","tag-ma","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"0afba913-d5a0-4915-ab7d-d7116548b259","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2468.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Ansari Financial Services to fully acquire Bahrain\u2019s BFC Group","related_issue":[94354],"teaser":"The acquisition is set to close by 1Q 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.73c2ba21-b444-4e26-8ee3-5c1bbd882714.mp3"},"yoast_head":"\nAl Ansari Financial Services to fully acquire Bahrain\u2019s BFC Group - 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