Clifford Chance

Clifford Chance advises Mannai on its acquisition of a further stake in Damas

Clifford Chance has advised Mannai Corporation QSC on its acquisition of a 19% interest in Damas International Limited, the leading Middle East jewellery and watch retailer, from a fund managed by EFG-Hermes for US$150 million.

Clifford Chance previously advised a consortium comprising Mannai and EFG-Hermes on its successful recommended US$445 million cash bid for Damas announced in March 2012 and recently advised Mannai on its acquisition of a further 15% interest in Damas from the founding shareholders. The successful bid in 2012 was one of the largest ever public M&A transactions in the Middle East and was notable for, amongst other things, the partnership between a trading conglomerate and a financial sponsor.

Mannai's acquisition of EFG-Hermes' shareholding in Damas means that Damas is now a wholly-owned subsidiary of Mannai whilst facilitating a successful exit from its investment by EFG-Hermes.

Clifford Chance Corporate Partner James McCarthy commented "We are delighted to have been able to extend our long-standing relationship with Mannai by advising on their acquisition of a further stake in Damas, one of the best known retail brands in the Middle East. This is undoubtedly a significant transaction on many fronts and marks the culmination of the work that started in 2012 with the recommended cash bid."

Alekh Grewal, Chief Executive Officer of Mannai Corporation agreed: "This transaction is of significant strategic importance to Mannai and would not have been possible without Clifford Chance's proactive and commercially focussed advice and support. The team has worked tirelessly to achieve our timetable and commercial objectives and guide us through the considerable challenges of the transaction."

The Clifford Chance team was led by Corporate Partner James McCarthy who was supported by associates Sian Rowlands and Alanna Hunter.

Clifford Chance continues to be recognised for its cutting-edge work in the Middle East. In the past year, the team has advised on some the largest and most high profile regional deals including the Carlyle Group on their strategic investment in Al-Nabil Food Industries Co. Ltd, Aujan Coca-Cola Beverages Company Limited on its acquisition of a majority stake in the National Beverage Company and Invest AD on the disposal of its majority stake in the Unitra METS Group.