Leading global law firm Baker McKenzie has acted for Allianz Group on its acquisition of an additional interest in the share capital of Saudi-listed company Allianz Saudi Fransi Cooperative Insurance Company (AzSF), a provider of insurance products for corporate and individual clients, from Saudi Arabia's Banque Saudi Fransi (BSF). This is the first time that a foreign strategic investor has been allowed to acquire shares in a company already listed on the Saudi Stock Exchange (Tadawul).
Under the deal, which completed on 29 March 2018, Allianz Group purchased an additional 18.5% of the share capital of AzSF, at a price of SAR 22 per share. Allianz Group now holds 51% of the share capital of AzSF and aims to increase its commitment to Saudi Arabia. BSF, continues to hold 14 percent of shares in and will remain a strategic partner of AzSF.
The Baker McKenzie team included Riyadh Corporate partners Karim Nassar and Mohammad Al Rasheed, along with associate Alia AlSalloum. "We are delighted to have been able to support Allianz Group in this landmark acquisition of shares in Allianz Saudi Fransi Cooperative Insurance Company - the first time a foreign strategic investor has been allowed to acquire a stake in a company already listed on the Saudi Stock Exchange," said Mr. Nassar. "This transaction underlines the commitment of the Saudi government to facilitating and promoting foreign investment, and all parties involved worked closely with the Saudi Arabian Monetary Authority, The Capital Market Authority and Tadawul to successfully close the deal."