Announced in March 2022, the proposed merger between Dar Al Takaful (DAT) and Watania was finalized on 1 July 2022, after receiving the approval of the relevant authorities and the shareholders of both companies.
Under the terms of the transaction, Watania shareholders received 0.734375 DAT shares for each Watania share they hold.
The deal sets the stage for the establishment of one of the largest Takaful solution providers in the UAE. The merged entity, which now operates under the name Dar Al Takaful, has a share capital of 260 156 250 AED (70 819 734 USD).
The new company's securities will be traded on the Dubai Financial Market (DFM) as of 4 July 2022.
Gautam Datta will continue to serve as the Chief Executive Officer (CEO) of DAT, accompanied by a board of directors consisting of:
- Ali Saeed Bin Harmal Aldhaheri: Chairman
- Matar Hamdan Sultan Hamad Al Ameri: Vice Chairman
- Abdullah Osseiran: Member
Read also | Insurance M&A: main deals concluded in 2021 and early 2022 [4]