Kuwait Finance House (K.S.C.P.) (KWSE:KFH) made an offer to acquire Ahli United Bank B.S.C. (BAX:AUB) for BHD 2.7 billion on January 24, 2019. Kuwait Finance signed a letter of intent to acquire Ahli United Bank for BHD 2.7 billion on February 5, 2020. AS per the revised terms, Kuwait Finance will issue 1 share for 2.695 shares Ahli United. Pursuant to the terms of offer, Kuwait Finance will offer its one share for every 2.325581 shares of Ahli United Bank. The final exchange ratio remains subject to conclusion of the due diligence studies to be conducted by both Kuwait Finance and Ahli United against each other. The consideration of the offer will be financed through an issue of up to 4200 million shares in KFH. KFH intends on changing AUB's name to become Kuwait Finance House - Bahrain. The transaction is subject to approval from completion of due diligence and regulatory approvals from Central Bank of Kuwait and Central Bank of Bahrain, receipt of valid Acceptances in respect of AUB Shares that represent at least 85% of the total issued share, statutory approval capital of AUB and other relevant regulatory bodies, approval of shareholders of Kuwait Finance House and Ahli United Bank. As of August 15, 2019, the transaction has been approved by The Kuwaiti Public Institution for Social Security. The Board of Directors of Kuwait Finance House approved the advisors' reports and due-diligence review results and exchange ratio of merger with AUB Bahrain. The final decisions will be subject to the approval concerned parties. On September 8, 2019, Kuwait Finance announced that it had received all reports by the international advisors appointed by the bank to do technical and legal due-diligence investigations. On October 8, 2019, Kuwait Finance House K.S.C.P. (KWSE:KFH) has received the approval of the Central Bank of Kuwait. As of November 3, 2019, the transaction has been approved by the Central Bank of Bahrain. As of January 20, 2020, Kuwait Finance House's shareholders meeting conducted and approved the transaction. As of January 24, 2020, board of directors of Kuwait Finance House and Ahli United Bank tentatively approved the average exchange ratio of the transaction. The due-diligence will be commence after obtaining the required approvals of the relevant regulatory bodies represented in Central Bank of Kuwait and Central Bank of Bahrain and other relevant regularity bodies. As on February 17, 2020, Kuwait Finance House applied to Competition Protection Agency in regard of the transaction. As on March 1, 2020, the offer will begin on March 26, 2020 and will close on April 15, 2020. As of April 12, 2020, Kuwait Finance announced that the Boards of both Kuwait Finance and Ahli United Bank have unanimously approved the acquisition due diligence reports and feasibility studies and the Central Bank of Bahrain approved transaction for the postponement of the transaction until December 2020 due to the Coronavirus pandemic situation. As on December 29, 2020, Kuwait Finance House K.S.C.P. extended the suspension period for the acquisition of Ahli United Bank B.S.C. due to completion of assessment of acquisition of Ahli United Bank B.S.C. by the international advisor appointed by Kuwait Finance House (K.S.C.P.). As of March 24, 2022, the due-diligence review is completed and a revised exchange ratio is subjected for approval. As of July 20, 2022, KFH has received the approval of the Central Bank of Bahrain. As of July 6, 2022, Central Bank of Kuwait have approved the transaction. The transaction is approved by competition protection agency in Kuwait. As of July 25, 2022, The shareholders of KFH approved the transaction at the revised exchange ratio. As of September 8, 2022, all other Offer conditions have been satisfied and, the Offer is declared unconditional in all respects.

Goldman Sachs, HSBC Holding Plc and Credit Suisse Group AG acted as financial advisors and Freshfields Bruckhaus Deringer LLP acted as legal advisor to Kuwait Finance House. HSBC, Credit Suisse and Citi acted as financial advisor to Ahli United Bank BSC. Paul Strecker of Shearman & Sterling LLP represented Goldman Sachs in the transaction. Cleary Gottlieb acted as legal advisor for Citi Islamic Investment Bank E.C. AUB has re-appointed the specialized professional advisors previously appointed to provide AUB with the necessary financial, tax (KPMG) and legal (Linklaters LLP) studies regarding the transaction. Bahrain Clear, SICO BSC (c) and Kuwait Clearing Company K.S.C. acted as receiving agents. Bank of America Corporation (NYSE:BAC) acted as financial advisor to Kuwait Investment Authority, shareholder of KFH.

Kuwait Finance House K.S.C.P. (KWSE:KFH) completed the acquisition of Ahli United Bank B.S.C. (BAX:AUB) for BHD 4.1 billion on September 25, 2022. Kuwait Finance House has exercised its right to squeeze out the remaining shareholding of Ahli United Bank B.S.C. Paul Strecker and Kate Chan of Shearman & Sterling acted as legal advisors to Goldman Sachs International in the transaction.