Al Ansari Financial Services (AAFS) has signed a sales and purchase agreement to fully acquire Bahrain's BFC Group Holdings (BFCGH) for $200 million.
This acquisition will expand AAFS's footprint and solidify its position as the largest remittance and exchange provider in the Gulf region in terms of branch network, the UAE exchange house said in a bourse filing on Tuesday.
The merged entity will boast a network of over 410 branches and a workforce of approximately 6,000, expanding AAFS's presence by 60% and its staff by 25%.
The transaction is set to close by the first quarter of 2025. The deal is subject to customary legal and regulatory approvals and the fulfillment of specific conditions. This acquisition supports AAFS's strategic goals of geographic expansion, branch network growth, and service diversification.
The consolidated revenues of AAFS and BFCGH for the fiscal year 2023 amounted to approximately $385 million a 22% growth compared to AAFS’s reported revenue.
