PIF signs deal with UAE’s Depa to acquire controlling stake

Logo of Public Investment Fund

Saudi Arabia’s Public Investment Fund (PIF) signed an agreement with interior design and specialty contractor Depa Plc to acquire a controlling stake in the firm for AED 150 million ($40.84 million) worth of new 750 million shares.

In a statement, the company said the deal will allow the PIF to own 55% of the company, and the fund may also exercise the right to purchase additional shares and a stake of up to 62.5% in 18 months after the completion of the transaction.

Under the deal, Depa’s board will be restructured to include 5-11 members, with the appointment of new members from the PIF.

The interior design and specialty contractor was listed on Nasdaq Dubai in 2008, according to data compiled with Argaam.

Al-Futtaim Capital owns 26.4% of Depa, Mashreq Bank (24.2%), Al Mazrouei Investments (8.9%), and Clarity Fund (7.7%).

Depa's past interior works projects included Burj Khalifa, Emirates Palace and Burj Al Arab.