Aldar Properties PJSC (ALDAR) agreed to buy Sorouh Real Estate PJSC in a 5.5 billion-dirham ($1.5 billion) deal that would create the Middle East’s third-biggest publicly traded property company by assets.
Aldar will offer 1.288 of its shares for each Sorouh share, the companies said today in a statement. That values Sorouh’s shares at 2.10 dirhams, based on the Jan. 17 closing price. Sorouh Managing Director Abubaker Seddiq Al Khouri will serve as chairman of the combined Aldar Sorouh Properties PJSC.
Abu Dhabi’s Aldar to Buy Sorouh in $1.5 Billion Deal - Bloomberg
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