Damas now fully owned by Mannai Corp

The private equity arm of Egyptian investment bank EFG-Hermes has sold its 19 per cent stake in UAE jeweller Damas International to Qatar’s Mannai Corp for $150 million. Law firm Clifford Chance advised Mannai Corporation on the acquisition.

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 had previously advised a consortium comprising Mannai and EFG-Hermes on its successful recommended $445 million cash bid for Damas announced in March 2012 and recently advised Mannai on its acquisition of a further 15 per cent 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.