KEZAD Group – LLC agreed to acquire Al Eskan Al Jamae L.L.C on December 5, 2022. This transaction would be effected through an equity share swap with no cash exchange. As on February 7, 2023, ESG Emirates Stallions Group PJSC (ADX:ESG) acquired 50% stake in Al Eskan Al Jamae LLC.

ESG will be selling the stake in Al Eskan Al Jamae LLC in exchange of share of KEZAD Group – LLC. Post-completion, AD Ports Group will retain a controlling majority stake in the combined entity which will have an equity value of approximately AED 7 billion. ESG will be owning 45% stake of KEZAD Communities after the completion of the deal.

For the 9 months ended September 30, 2022, revenue is AED 205 million for EAJ and EBITDA is AED120 million. Will Seivewright, Duncan Pickering, Rob Harker and Nicola de Sylva of DLA Piper has advised Abu Dhabi Ports Company PJSC, parent of KEZAD Group – LLC.