Dada Partners advises Nishat Group on Pakistan's largest private cross-border listed acquisition

The transaction, valued at approximately Rs66 billion, resulted in Nishat Group acquiring a 75.9% stake in the company

Dada Partners (Private) Limited acted as the exclusive financial adviser to the Nishat Group on its acquisition of a controlling stake in Rafhan Maize Products Company Limited, in what is being described as the largest private-sector cross-border merger and acquisition of a listed company in Pakistan's corporate history, excluding privatisations.

According to an official statement, the transaction, valued at approximately Rs66 billion, resulted in the Nishat Group acquiring a 75.9% stake in the company. The group purchased 51% of the shares from US-based Ingredion Incorporated, which has retained a strategic minority stake, 20.5% from a minority shareholder, and a further 2.4% through the mandatory public offer.

Dada Partners advised the Nishat Group throughout the transaction, "including on deal origination, due diligence, valuation, competitive bidding, negotiations, execution of the share purchase agreement, regulatory approvals, foreign exchange remittance, acquisition financing, and the transfer of the controlling stake." The advisory role also covered the post-transaction governance framework between the Nishat Group and Ingredion as a continuing minority shareholder.

Commenting on the transaction, Founder and Managing Partner of Dada Partners Shazad Dada said, "We are delighted to have advised Nishat Group on this historic cross-border acquisition, bringing together one of Pakistan's largest business groups and a global multinational. Its successful completion demonstrates that local investors continue to have an interest in marquee assets while international groups continue to view Pakistan favourably by collaborating with strong local partners."

He added, "I would like to thank the Mansha family for their strategic vision on this acquisition and their trust in Dada Partners. We also appreciate the collaboration with Ingredion, the Monnoo family, our fellow advisors, legal counsels, the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and the Competition Commission of Pakistan for their support in bringing this transaction to a successful close."

According to the press release, the transaction marks the Nishat Group's expansion into Pakistan's food processing sector with a focus on value-added exports. Supporting the transaction were Cornelius, Lane & Mufti (CLM) as legal counsel, Next Capital as manager to the mandatory public offer, and Dubai Islamic Bank, which provided foreign currency financing.