Page 51 - AAE PR REPORT - July 2024
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7/31/24, 9:29 AM Al Ansari Financial Services PJSC signs agreement to acquire BFC Group Holdings W.L.L. for $200mln
The acquisition will enable AAFS to expand its geographic presence and become the largest remittance and exchange provider in the GCC
region by branch network. Image Courtesy: Al Ansari Financial Services
M&A
Al Ansari Financial Services PJSC signs agreement
to acquire BFC Group Holdings W.L.L. for $200mln
AAFS signs an SPA to purchase BFCGH reflecting the Company’s ambitions to expand its
geographic presence and service portfolio to achieve sustainable growth
Press Release
July 30, 2024
With this acquisition, AAFS is poised to become the leading provider of foreign exchange and
remittance services across the Gulf Region with
A total of more than 410 branches across the UAE, Bahrain, Kuwait and India.
Combined workforce of approximately 6,000 employees (a 25% increase).
FY23 consolidated revenues of AAFS and BFCGH: ~USD 385 million (AED 1.4 billion) a 22% rise
from AAFS reported revenue.
The acquisition purchase price is USD 200 million (AED 735 million). AAFS intends to secure
financing under customary market terms to finance the acquisition.
The transaction closing remains subject to regulatory approvals and satisfaction of certain
conditions precedent agreed between the parties.
https://www.zawya.com/en/press-release/companies-news/al-ansari-financial-services-pjsc-signs-agreement-to-acquire-bfc-group-holdings-wll-for-200… 1/3
