Noon AD Holdings One Person Company LLC agreed to acquire Namshi General Trading L.L.C from Emaar Malls PJSC for $335.2 million on August 20, 2022. Cash consideration is the equity value of Namshi, which is equivalent to $350m of the company's enterprise value. This is adjusted for debt at the company level and normalized working capital required. Emaar's board of directors has in principle approved the sale of its subsidiary Emaar Malls' e-commerce unit Namshi to Noon, subject to the approval of Noon's board of directors. Emaar shareholders also approved the sale of Namshi to Noon. The transaction is expected to close in the coming months, subject to meeting various conditions, including, inter alia, final regulatory approvals. Credit Suisse Securities (USA) LLC acted as financial advisor to Noon. Clyde & Co. acted as legal advisor to Noon AD Holdings One Person Company LLC. Baker & McKenzie LLP acted as legal advisor to Noon AD Holdings One Person Company LLC.

Noon AD Holdings One Person Company LLC completed the acquisition of Namshi General Trading L.L.C from Emaar Malls PJSC on February 13, 2023.