Mashreq, Daman advise Gargash family on key automobile buyout

DUBAI

Mashreq and Daman Investments have advised the Gargash family in the acquisition of a 100 per cent equity stake in Gargash Enterprises LLC, the companies announced in a joint statement on Sunday.

Gargash Enterprises is the largest independent Distributor for Mercedes Benz Passenger Cars and Commercial Vehicles in the world. It was acquired for an undisclosed sum. In a statement on the deal, Abdul Aziz Al Ghurair, CEO at Mashreq, said: “We are delighted to have partnered with the Gargash family to make this transaction possible. Our ability to enable this successful transaction reflects the strength of our Investment Banking capabilities.”