In a deal containing the first public takeover offers for companies listed on the Dubai Financial Market, Emirates Bank International and National Bank of Dubai are set to merge.
A new company called Emirates NBD will offer to acquire the share capital of both banks to create a new entity with a market capitalization of $11.3 billion.
"It is the first major tender offer in the Gulf and sets a new benchmark for takeovers and mergers to come," said Ewan Cameron, managing partner of Linklaters' Dubai office.
The initial problem facing the law firms was that the UAE, like other Gulf countries, does not have a takeover code or anything that deals with the acquisition of large numbers of shares.
"There is something of a regulatory vacuum, so our approach was one of international best practice and we had fantastic cooperation with the authorities" said Cameron.
"This will be a model for future transactions. It has taken a long time to arrange with the authorities and this process is not something that they will be terribly keen to revisit."
Cameron, alongside Scott Campbell, is leading the Linklaters advice to Emirates Bank International. On the other side, National Bank of Dubai has turned to Allen & Overy and a team headed by Simon Roderick.
Freshfields Bruckhaus Deringer also has a key role in the transaction as it is representing Goldman Sachs in its role as lead financial adviser to the specially created joint steering committee that is managing the merger. Dubai partner Bruce Embley and London partner Edward Braham are leading the Freshfields team.
The merger of the businesses into one operation is expected to be complete in 18 to 24 months.