Solidarity acquisition named Islamic Finance deal of the year in Bahrain

Solidarity’s acquisition of Al-Hilal Life and Al-Hilal Takaful from Ahli United Bank has been named the best financial transaction of the year in Bahrain. Meet the buy-side dealmakers that brought the deal to a successful close.

In November 2023, the Bahrain-based subsidiary of Solidarity (one of the largest insurance companies in the country) announced it had agreed to acquire the entire stake of insurer Al Hilal Life and its subsidiary Al Hilal Takaful.

The transaction was Solidarity’s third in Bahrain, after acquiring T’azur Company in 2021 and Al Ahlia Insurance in 2017, but its first to be recognised as a national best practice in M&A land.

At the Islamic Finance News Awards, the deal was named ‘Deal of the Year’ in Bahrain, celebrating the transaction for its excellence across the deal cycle – from M&A strategy and due diligence through to execution and closing.

Islamic Finance News is a platform for Shariah-compliant finance. Its awards competition for deals showcases the year’s most outstanding transactions by sector, country, and deal structure.

Commenting on the recognition, the chief executive of Solidarity in Bahrain Jawad Mohammed said: “We would like to express our immense pride in winning the ‘Deals of the Year 2023’ award. It is an honour to be recognised by a renowned awarding body such as the Islamic Finance News Awards. This stands as a testament to our commitment to continuously seize expansion opportunities through mergers and acquisitions.”

The CEO also expressed his gratitude to all employees who were part of the transaction, which includes dealmakers from four external professional services firms.

Big Four firm KPMG provided financial advisory and transaction support services, while Lux Actuaries & Consultants supported with actuarial services. Both firms were last year ranked among the top consulting firms in the Middle East. Legal expertise was provided by Bahrain-based Hassan Radhi & Associates and Canada-based Newton Legal.

Speaking about the achievement, Jeyapriya Partiban, Partner and Head of Advisory at KPMG in Bahrain stated: “This recognition underscores KPMG's unwavering commitment to excellence and innovation in providing top-tier advisory services within the Islamic finance sector.”

Meanwhile, the ‘Deal of the Year’ award for the Middle East’s two largest markets, the UAE and Saudi Arabia, went to Azmeel Construction Company and the UAE Government – both issued Sukuk bonds to raise significant sums of money.