Leading global law firm Baker McKenzie has advised UltraTech Cement Middle East Investments Limited (“UltraTech”), a wholly owned subsidiary of UltraTech Cement Limited, a leading multinational cement company based in India and a member of the Aditya Birla Group, in connection with its successful cash tender offer to acquire an additional 25% stake in Ras Al Khaimah Co. for White Cement & Construction Materials (“RAKWCT”), a public company listed on the Abu Dhabi Securities Exchange (“ADX”) and one of the region’s largest manufacturers and distributors of white cement, lime and concrete blocks.

The tender offer was launched on 28 May 2024 and completed on 10 July 2024. It represents the first ever partial tender offer to be executed under the UAE Securities and Commodities Authority’s rules and regulations, and the third all cash tender offer in the UAE.

Leading the transaction, Abeer Jarrar, Corporate M&A Partner stated: “This notable acquisition represents a significant milestone for both UltraTech and the regional cement industry. Our team is proud to have provided the legal expertise to navigate this complex and unique process. The successful completion of this deal highlights our capability to handle pioneering public M&A transactions, including the first ever partial tender offer to be executed under SCA’s regulations, and the third all cash tender offer in the UAE”.

Baker McKenzie acted as legal adviser to UltraTech on all UAE and international legal aspects of the tender offer. The team was led by UAE-based corporate partner Abeer Jarrar, who was supported by senior associate Tala Shomar, associate Neda Bahador, trainee associate Sanad Almomani and trainee Razan Obeidat. London-based partner and global head of capital markets, Adam Farlow provided support on the international legal aspect of the tender offer.

Abu Dhabi Commercial Bank PJSC (ADCB) acted as sole Transaction Manager.