#Kuwait Finance Plans to Buy #Bahrain AUB in $8.8 Billion Deal - Bloomberg

Kuwait Finance Plans to Buy Bahrain AUB in $8.8 Billion Deal - Bloomberg:

Kuwait Finance House KSCP offered to buy Bahrain’s Ahli United Bank BSC in an all-share deal that’s valued at about $8.8 billion.

The Kuwaiti lender plans to issue 1 share for every 2.325581 shares of Ahli United, according to a statement. In January, the banks’ advisers had recommended the same swap ratio.

The combined entity will potentially become the Gulf’s sixth-biggest lender with $100 billion in assets and the deal value was based on the lenders’ closing price on Thursday. Kuwait Finance House shares have gained 27% this year to 707 fils, while AUB shares are up 51% to 94.1 U.S. cents.