News

Clifford Chance has advised Mannai Corporation QSC, one of the largest industrial and trading companies listed on the Qatar Exchange, on its acquisition of a 35% stake in Axiom Limited, the UAE-based, pan-GCC mobile handset retailer and distributor.

The investment consisted of an acquisition of shares from the existing shareholders, and a subscription for new shares in Axiom Limited. Clifford Chance also advised on the acquisition financing provided by HSBC Bank Middle East Limited. The transaction was completed in less than six weeks following the date of the letter of intent.

Clifford Chance Corporate Partner Mike Taylor commented: "We are delighted to have advised Mannai on its strategic investment in Axiom, one of the best known retail brands in the Middle East. Clifford Chance's team played a crucial role in achieving a successful close to the corporate and finance aspects of the transaction in an extremely challenging time frame. Our work with Mannai is an example of Clifford Chance's relationships in Qatar, which will continue to strengthen with the recent opening of our office in Doha."

The Clifford Chance team was led by Corporate Partner Mike Taylor, who was supported by Counsel James McCarthy, associate Frances Coats and trainee Edward Dyson. Finance Partner Peter Avery and associate Robin Hickman advised Mannai on the acquisition financing provided by HSBC Middle East Limited.