Acquisitions21 Jul 2025, 04:14 pm
Titan Company to Acquire 67% Shareholding in Damas Jewellery Business for AED 1,038 Million
AI Summary
Titan Company Ltd, through its wholly owned subsidiary Titan Holdings International FZCO, has signed an Agreement for Sale and Purchase of Shares with Damas International Limited, UAE, for the purchase of 67% shareholding in Damas LLC, the current holding company for Damas jewellery business in GCC countries. The acquisition is subject to conditions precedent and relevant regulatory approvals. The net consideration would be subject to customary adjustments for debt/cash/other adjustments.
Key Highlights
- Titan Holdings will acquire 67% shareholding in Damas LLC, the current holding company for Damas jewellery business in GCC countries.
- The acquisition is subject to conditions precedent and relevant regulatory approvals.
- The net consideration would be subject to customary adjustments for debt/cash/other adjustments.
- The acquisition is strategically significant for Titan’s jewellery business as it will facilitate the expansion across the 6 GCC countries.
- Damas Jewellery, founded in 1907, headquartered in Dubai, UAE, stands as Middle East’s premier jewellery retailer.