Latham & Watkins, alongside its partnership firm, The Law Firm of Salman M. Al-Sudairi, and White & Case are advising as Alamar Foods, a major operator of regional fast food chains, including Domino’s Pizza, makes its $326 million debut on the Saudi stock exchange’s main market.
The IPO involves the offer and sale of 41.7% of Alamar Foods’ capital by way of a sale of existing shares of funds managed by the U.S.-based Carlyle Group, “which is exiting from its investment in Alamar Foods via the IPO”, Latham said in a statement.
Set up over 30 years ago as a Saudi-based family business, Alamar Foods is one of the leading quick service restaurants operators in Saudi Arabia and the wider Middle East, North Africa, and Pakistan (MENAP) region, operating over 520 Domino’s outlets in 11 countries, and over 40 Dunkin’ Donuts stores in Egypt and Morocco.
Latham, which also advised Alamar on non-Saudi matters, fielded a team led by Salman Al-Sudairi, along with lawyers Noor Al-Fawzan, Najla Al-Gadi, Aya AlHumaid, and Wassim El Mardini, and Latham Dubai associates Stephanie Dang and Connie Leung, the firm said.
Latham has been on strong form in the Saudi deal market, recently taking, alongside Al-Sudairi, roles in the sale of a 10% stake in UAE-based petrochemicals major Borouge, worth $481 million, in May, and the $820 million listing of Saudi information security firm, Elm Co, in February. Earlier IPOs also included one of the largest ever seen, the 2019 listing of shares of Saudi Aramco, worth $25.6 billion.
On the current deal, White & Case is advising lead bookrunner HSBC and matters connected to the offering outside of Saudi Arabia, alongside the The Law Office of Megren M. Al-Shaalan, according to the IPO prospectus.
Latham & Watkins said that, in 2022 alone, his office advised on five IPOs totalling $2.2 billion, as well as a dual-tranche bond offering for Eig Pearl Holdings, a 49% shareholder in Aramco Oil Pipelines Co for $2.5 billion.
White & Case and Megren M. Al-Shaalan did not respond to requests for comment.