Afridi & Angell Advises Thomas Cook India Group on AED149 Million Acquisition of 51% of Digiphoto Entertainment Imaging
March, 2020 - Dubai, United Arab Emirates
Afridi & Angell recently advised Thomas Cook India Group (TCI), a leading global integrated travel services player, on a fast paced AED149 million (USD40.6 million) acquisition of 51 per cent stake in Digiphoto Entertainment Imaging (DEI), a UAE headquartered imaging solutions and service provider. Afridi & Angell acted as lead UAE counsel to TCI on the transaction, and advised on pre-transaction structuring and carve-out issues, the transaction documents (including a Share Purchase Agreement, Shareholders’ Agreement and other ancillary documents), anti-trust issues, as well as a restructuring of the DEI Group in the UAE in order to improve TCI’s post-acquisition control of the group. The transaction documents were signed on 25 February 2019 and the transaction is expected to close in the near future. The Afridi & Angell team consisted of James Bowden (partner) and Imran Asghar (associate).
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