The Allen & Overy team was led by Abu Dhabi based corporate partner Khalid Garousha, who was supported by corporate associates Michael Grace, Juliet Astbury and trainee Kate Hartley.
Commenting on the deal, Faisal Al Bannai, Chief Executive Officer of Axiom Telecom, noted: “We are happy to welcome a new shareholder to Axiom Telecom. This deal shows the confidence of Mannai in the business model and vision of Axiom, and the ability of its management to continue to create shareholder value. We are now in a great position to further boost our growth and dominance in the region.”.
Khalid Garousha added: “This was a notable transaction for all parties, requiring a delicate balance of commercial interests in order to complete the transaction in an extremely short time frame. We are delighted that Allen & Overy’s teamwork and expertise made a significant contribution to reaching a successful closing.”
Axiom Telecom is the largest primary authorised retailer and distributor of leading international brands of mobile phones in the GCC region and is a strategic partner of du and Mobily, leading mobile operators in the UAE and KSA respectively. Axiom currently has operations in the UAE, KSA, Bahrain, Qatar and Kuwait and India. The Axiom group also has strategic interests in associated companies operating in the Indian and South African mobile phone retail markets.
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