Solidarity Secures $153 Million to Acquire BNI
Deal News | Apr 03, 2025 | Zawya
Solidarity Group Holding, a shariah-compliant insurer in Bahrain, has successfully secured a Murabaha financing agreement valued at BHD 58 million ($153 million) from Bank of Bahrain and Kuwait Bank (BBK) to facilitate its acquisition of Bahrain National Insurance (BNI). This move is part of a larger acquisition strategy that involves purchasing 100% of the issued share capital of BNI and Bahrain National Life Assurance, currently subsidiaries of Bahrain National Holding (BNH). The agreement was initially signed earlier in the year by Solidarity Bahrain, a unit of Solidarity Group. This acquisition is set at a total purchase price of BHD 75 million. Ashraf Bseisu, the Group CEO of Solidarity Group Holding, indicated that this strategic acquisition aims to reinforce Solidarity’s leadership position, optimize their operational platform, and extend their capacity to deliver specialized insurance solutions to a broader audience.
Sectors
- Insurance
- Finance
- Mergers and Acquisitions (M&A)
Geography
- Bahrain – Bahrain is the location of the companies involved in the acquisition, including Solidarity Group Holding, BNI, and BBK.
Industry
- Insurance – The article is centered around the acquisition involving insurance companies, specifically Shariah-compliant and life insurance operations.
- Finance – The acquisition deal is facilitated by a Murabaha finance agreement, involving a financial institution, BBK.
- Mergers and Acquisitions (M&A) – The article discusses the acquisition transaction of Bahrain National Insurance by Solidarity Group Holding.
Financials
- $153 million – The amount secured in Murabaha financing by Solidarity Group Holding for the acquisition.
- BHD 75 million – The total purchase price for the acquisition of BNI and Bahrain National Life Assurance.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Solidarity Group Holding | Acquirer | Company | A Shariah-compliant insurer in Bahrain, acquiring BNI. |
| Bahrain National Insurance (BNI) | Target Company | Company | Subsidiary of Bahrain National Holding, being acquired by Solidarity. |
| Bank of Bahrain and Kuwait (BBK) | Financier | Company | Providing Murabaha financing to facilitate Solidarity's acquisition. |
| Bahrain National Holding (BNH) | Selling Company | Company | The parent company selling BNI and Bahrain National Life Assurance. |
| Ashraf Bseisu | Group CEO | Person | Group CEO of Solidarity Group Holding, commenting on the strategic acquisition. |