International law firm Clifford Chance has advised Mashreqbank PSC (“Mashreq”), one of the UAE’s leading financial institutions, on the sale of a majority stake in NEOPAY, the UAE’s fast-growing payment solutions provider, to a consortium comprising Arcapita Group Holdings Limited and Dgpays (together in equal partnership, the “Consortium”). Mashreqbank will retain a significant minority interest in NEOPAY.

The transaction implies an approximate enterprise value for NEOPAY of $385 million, and the closing is subject to necessary regulatory approvals.

The acquisition represents a significant milestone for NEOPAY as it aims to expand its presence in the rapidly growing digital payments sector in the Middle East. The strategic support of the Consortium positions NEOPAY to further accelerate its growth trajectory and offer new services, leveraging Dgpays’ cutting-edge technology.

Clifford Chance’s team advised Mashreq on all legal aspects of the transaction, drawing on its deep experience in banking, financial services, and technology-related M&A and its specialist regulatory expertise. The firm played a crucial role in navigating the complexities of the deal, ensuring that Mashreq’s interests were safeguarded throughout the process.

The Clifford Chance team was led by Dubai-based partner Jack Hardman with assistance from Legal Director Gareth Dray, senior associates James Dadford, Kimberly Ng and George Holman and associates Ahmed Shafiek, Declan Ng and Ismaila Ngum, and support from other specialist colleagues.

Clifford Chance is one of the world’s pre-eminent law firms, with a strong presence in key global markets. The firm is known for its expertise in advising on high-profile, cross-border transactions and for providing clients with innovative solutions to complex legal challenges.

Consistently ranked Band 1 in legal directories, Clifford Chance was recently awarded Deal of the Year at the Legal 500 Middle East and North Africa Awards 2024 for advising DP World on the sale of a minority stake in its strategic UAE assets to CDPQ for US$5 billion, in addition to winning 8 awards at the IFLR Middle East Awards 2023. Clifford Chance was also named International Law Firm of the Year at the IFLR Middle East Awards 2023, International Law Firm of the Year (Middle East) at the Middle East Legal Awards 2023, and Middle East International Law Firm of the Year at the Chambers Middle East Awards 2023.