Mergers & AcquisitionsNewsUAE

ADC Completes SPAC Deal with United Printing & Publishing

ADC Acquisition Corporation, the UAE’s first special purpose acquisition company (SPAC), announced Tuesday (7 November, 2023), that it has successfully completed its previously announced business combination with Abu Dhabi-based United Printing & Publishing (UPP), with the deal receiving all requisite regulatory approvals.

The completion of the transaction marks the first ever successful SPAC merger process in the Gulf. New shares of ADC issued as part of the private investment in public equity (PIPE) transaction will be listed on Abu Dhabi Securities Exchange (ADX) on 9 November, 2023.

ADC CEO Seif Fikry comments, “The successful completion of the region’s first ever SPAC merger is a testament to the continued dynamism and vibrancy of Abu Dhabi’s capital markets and the attractiveness of this new route to public offerings for companies in the UAE. UPP’s long-standing market leadership and robust balance sheet, buoyed by the proceeds of this merger, leaves the business well positioned to drive growth.”

The SPAC raised 1.1 billion dirhams ($299.48 million) of growth capital, including 734 million dirhams ($199.83 million) from the previously announced PIPE deal. The proceeds will leave the company well positioned to pursue both organic and inorganic growth opportunities, both regionally and globally, including those in secure printing and packaging sectors, which are expected to benefit from structural growth and industry tailwinds.

UPP CEO Ali Saif Ali Abdulla Alnuaimi adds, “The transition to a public company marks an inflection point in our company’s journey and will be a catalyst for the continued expansion and diversification of our business. Through our constant commitment to innovation and application of next-generation data security technologies, UPP has cemented its position as the region’s leading secure printing business.”

Abu Dhabi-headquartered brokerage firm International Securities acted as the lead placement agent for the PIPE transaction and First Abu Dhabi Bank (FAB) as the lead receiving bank.

ADC was co-established in 2018 by ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investment, a leading Abu Dhabi-based private investment firm managing a diversified portfolio of listed and unlisted equities on both local and regional markets.

Established in 2006, United Printing & Publishing specializes in security and commercial printing, packaging, and distribution and logistics services.

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