Stephenson Harwood has advised on an acquisition and divestment in Dubai.
The international firm advised Muller & Phipps Middle East (M&P-ME) on its acquisition of gaming and esports company Power League Gaming (PLG).
It is the first time M&P-ME, which specialises in the distribution of technology products across the Middle East, has entered the gaming sector, with plans to broaden its portfolio and increase its stake.
M&P-ME aims to scale PLG’s operations in Dubai and expand to Saudi Arabia in the fourth quarter of 2024.
The Stephenson Harwood team was led by Dubai corporate partner, Melissa Forbes-Miranda, who said in a statement: “This venture represents not only a strategic move for Muller & Phipps to broaden its portfolio but also signifies their keen foresight in tapping into the burgeoning gaming sector.”
Gaming and esports is booming in the Middle East, with projections indicating its trajectory to a US$6 billion industry by 2027. Saudi Arabia has committed to becoming a global hub for gaming and esports by 2030, underpinned by major investments and acquisitions by the government. The inaugural Esports World Cup is currently underway in Riyadh, with international law firm CMS providing legal support to the Esports World Cup Foundation, and the first Olympic Esports Games is set to take place next year in the Kingdom.
Elsewhere, Stephenson Harwood advised Kaya, a publicly-listed company providing treatments in skincare, haircare, and bodycare, on the divestment of its Middle East businesses to Humania GCC Holding.
The Stephenson Harwood team advised on all aspects of the transaction including the drafting and negotiation of the transaction documents.
It was led by Dubai-based corporate and commercial partner Diwakar Agarwal, who said: “The transaction was a complex cross-border M&A matter, which demonstrates the firm’s ability to act as international counsel across multiple jurisdictions within the MENA market, as well as successfully leveraging our in-depth life sciences and healthcare industry knowledge.”
