Summary: JP Legal advised Blom Perfume Fund on acquiring an 18% minority stake in Dkhoon AlEmiratia, valued at over SAR250 million. The transaction, approved by the Saudi General Authority of Competition, emphasizes the importance of investing in Saudi companies under Vision 2030.

Riyadh, Saudi Arabia--(Newsfile Corp. - July 26, 2024) - Regional law firm JP Legal advised Blom Perfume Fund, part of BLOMINVEST (a Saudi financial company regulated by the CMA), on acquiring an 18% minority stake in Dkhoon AlEmiratia, valued at over SAR250 million, after obtaining approval from the Saudi General Authority of Competition (GAC).

Photo courtesy of JP Legal

Based in Riyadh, Dkhoon AlEmiratia is a private Saudi company established in 2013. The company operates in the retail services sector and specializes in producing and selling oriental perfumes, incense, and related products. It blends traditional Arabian fragrance elements with modern touches to create unique, high-quality scents.

The company has built a strong reputation in the Saudi market for its luxurious and authentic products, often associated with the region's rich cultural heritage. Early this year, Dkhoon AlEmiratia signed a three-year sponsorship agreement with the prominent Saudi Al Hilal Club Company, marking the beginning of this prosperous partnership.

The transaction was subject to customary closing conditions, including securing proper filings and approvals from the General Authority of Competition (GAC). In addition to advising on the M&A aspects, JP Legal advised on the share purchase agreement (SPA), shareholders agreement (SHA), and the negotiation of a solid partnership.

JP Legal's multidisciplinary team was led by Partner Anas El Jisr, who has extensive years of M&A experience in the Saudi markets and the Middle East and North Africa (MENA) region, with support from a Riyadh-based team.

Working across its Middle East offices, JP Legal Saudi Arabia has advised on complex and strategically important cross-border mergers and acquisitions (M&A) transactions. Additionally, the JP Legal team has grown exponentially with recent senior recruits from major regional and international firms.

Anas El Jisr, corporate/M&A partner at JP Legal, says, "This transaction highlights the importance of investing in local Saudi companies, which have seen major growth across all sectors in line with the Vision 2030 initiative, achieving success well ahead of 2030."

He adds, "The JP Legal cross-practice team has been working on cross-border transactions in the region, closing strategic transactions and representing major local Saudi conglomerates and multinational companies doing business in the market. We are proud to have advised our client, BLOMINVEST, on this significant project. It was a complex transaction, and our Saudi team worked seamlessly to ensure a successful closing."

About JP Legal

JP Legal specializes in corporate and commercial law. It has served clients across the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), and the broader Gulf Cooperation Council (GCC) region for over a decade.

The firm's expertise in handling high-stakes mergers and acquisitions (M&A) has made it a trusted advisor for various corporate transactions. The company structures and negotiates M&A deals and gives clients strategic advice tailored to their specific business objectives. Furthermore, the firm's cross-border knowledge allows it to support transaction processes, making it one of the GCC's premier legal partners for businesses.

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