Al Tamimi & Company advises Titan on Damas stake acquisition

Al Tamimi & Company, the leading law firm in the Middle East, has advised Titan Holdings International FZCO (Titan), a Tata Group company and the UAE subsidiary of one of India’s most prominent consumer businesses, on its landmark acquisition of a 67% stake in Damas, the iconic luxury jewellery brand. The seller is Qatari Investment Company, Mannai Corporation. Under the terms of the transaction, Titan has the right to acquire all of the remaining shareholding in Damas following the completion of a four-year period.

The enterprise value of the transaction is Dh1.04 billion and represents a significant cross-border M&A deal, underscoring the deep investment ties between India and the GCC.

Commenting on the deal Corporate M&A Partner, Suhail Mirza said: "This high-value, strategic transaction involved one of India’s leading companies and a celebrated luxury brand in the Middle East. The deal highlights our ability to deliver commercially focused solutions for complex cross-border M&A transactions involving multiple GCC jurisdictions and regulatory frameworks."

The firm’s integrated transactional teams provided seamless support across all aspects of the transaction. The transaction involves retail operations across the GCC and the engagement of a multi-disciplinary team at Al Tamimi & Company comprising Corporate Structuring, M&A, Real Estate and Competition specialists in all our GCC offices. The deal demonstrates our market leading cross border transactional practice with specialist teams able to provide full-service M&A support on large, complex transactions.

Senior Associate, Khadija Hussain added: "We are proud to have acted for a key India client on such a landmark acquisition. This transaction showcases the strength of the India-GCC investment corridor and reinforces our position as a trusted advisor for cross-border deals."

The M&A advice was led by Partner, Suhail Mirza and the Corporate Structuring advice led by Senior Associate, Khadija Hussain, and Partner, Sherif Rahman who played a key role in managing the transaction across all our offices and specialist teams. They were supported by Angela Bhaseen, Senior Associate, Real Estate and Andrew Thomson, Partner and Head of Real Estate and Mariam Sabet, Partner and Head of Competition.

Completion of the transaction is subject to satisfaction of customary conditions precedent and regulatory approvals.