Al Tamimi & Company, Clifford Chance, and Cleary Gottlieb are playing key roles in Titan Company’s acquisition of a majority stake in Dubai jeweller Damas.
Titan, an Indian company owned by Tata Group, has agreed to buy a 67% stake in Damas from Mannai Corporation, a Qatari investment company. The proposed sale is being facilitated by Titan’s subsidiary in the UAE, Titan Holdings.
The enterprise value of the transaction is AED 1.04 billion, underscoring the deep investment ties between India and the Gulf Cooperation Council (GCC).
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 transaction is subject to customary closing conditions, antitrust and regulatory approvals.
Al Tamimi’s Dubai team advised Titan Holdings. M&A partner Suhail Mirza led on the transaction, which included corporate structuring partner Sherif Rahman, real estate partner Andrew Thomson, and competition partner Mariam Sabet.
Clifford Chance’s team advising Mannai Corporation was led jointly by the firm’s Dubai and Paris offices. It included corporate partners Mathieu Remy and Deniz Tas, antitrust partner David Tayar, and real estate partner Tariq Imam. London partner Edward Page provided tax advice, New York partner Benjamin Sibbett provided corporate advice, and AS&H Clifford Chance Riyadh partner Daniel Royle provided regulatory advice.
The proposed sale has necessitated a renegotiation of Damas’ long-term joint venture agreement with Roberto Coin, an Italian jewellery brand within its portfolio, and its new parent company.
Cleary Gottlieb is providing counsel to Roberto Coin on new retailer and franchise agreements with Damas. The team is led by Abu Dhabi corporate partner Mike Taylor, who joined from Clifford Chance earlier this year.
Founded in Dubai in 1907, Damas operates across the GCC through a network of 146 stores.
