Boards of Aldar and Sorouh recommend merger | GulfNews.com

• Image Credit: Hadrian Hernandez/Gulf News Archives
• An aerial view of Aldar headquarters building in Abu Dhabi.

The boards of Aldar Properties and Sorouh Real Estate have recommended a merger of two of Abu Dhabi’s largest property developers that would lead to the creation of a new company having total assets of more than Dh47 billion and enabling the entity to become one of the largest listed real estate companies in the region.
As well, the Monday’s move paves the way for the second-biggest corporate merger in UAE’s history after Emirates Bank International and National Bank of Dubai merged a few years ago to create one of the Middle East’s largest banks with assets of Dh165 billion.
In a joint statement yesterday, Aldar and Sorouh said the merger was unanimously recommended to shareholders by their respective boards. In what would be an all-share merger, Sorouh shareholders will receive 1.288 Aldar shares for every Sorouh share they hold.
Boards of Aldar and Sorouh recommend merger | GulfNews.com