A&O wins lead role on DFG's £530bn EFG deal

Allen & Overy (A&O) has scooped the lead role advising Dubai Financial Group (DFG) on its acquisition of a 24.6 per cent stake in Middle Eastern investment bank EFG-Hermes from Abraaj Capital.

The $1.1bn (£530m) acquisition by DFG makes the holding company of Dubai Group the largest single shareholder in the bank.

A&O Dubai-based partner Pervez Akhtar, who led on the deal, said: "Satisfying the various regulatory constraints and requirements makes doing this kind of deal in the Middle East complex."

The deal was led for Abraaj by executive director Tom Speechley, who joined Abraaj from Macfarlanes last summer.