Shree Cement Limited (BSE:500387) entered into a definitive agreement to acquire a minimum of 92.83% stake in Union Cement Company (PSC) (ADX:UCC) for an enterprise value of approximately $310 million on a cash free basis on January 11, 2018. The payment to the seller shall be made on the basis of enterprise value of $305.24 million in proportion to actual equity shareholding transferred on completion. Shree Cement would pay the consideration in cash through one or more subsidiaries based in United Arab Emirates. The consideration is subject to working capital adjustment. The transaction is subject to Union Cement undertaking a process of getting itself delisted from the Abu Dhabi Stock Exchange., approvals from the relevant ministry and Competition Regulatory Authority of the United Arab Emirates government, approvals from the shareholders of Union Cement and approval from the board of Shree Cement. No regulatory approvals are required in India. The board of Shree Cement has approved the acquisition. The transaction is expected to be completed in the next nine months. As of June 12, 2018, the transaction is expected to complete in July 2018. The transaction is expected to be value accretive for the stakeholders of Shree Cement Limited. Standard Chartered PLC (LSE:STAN) acted as a financial advisor, Freshfields Bruckhaus Deringer LLP acted as a legal advisor and Baker Tilly DHC acted as an accountant to Shree Cement. James Baker, Anthony Bowen, Tom Butcher, Michelle Dalton, Khalid Garousha, Alee Hadaya, Ibrahim Mubaydeen, Zeid Qursha, Alex Robinson, Christina Smith, Tom Spackman of Allen & Overy LLP acted as legal advisor for Government of Ras Al Khaimah and Abu Dhabi Investment Authority. UBS acted as financial advisor to Investment And Development Office, Govt. Of Rak.