• • Investment Holding Group shareholders have backed the acquisition of Elegancia Group in a landmark share swap deal, valuing Elegancia at QAR 2,667,000,000
  • • The major deal forms one of Qatar’s largest conglomerates on its national Stock Exchange
  • • Elegancia founders Moataz and Ramez Al-Khayyat will serve as IHG’s new Chairman and Vice-Chairman respectively

Doha, Qatar – Investment Holding Group (‘IHG’), one of Qatar’s largest conglomerates, has acquired Elegancia Group (‘Elegancia’), in a major share swap deal. The reverse acquisition, which is the first of its kind in Qatar, marks the creation of one of the country’s largest conglomerates on the Qatar Stock Exchange (QSE).

The landmark acquisition was approved by over 75% of IHG’s shareholders in an Ordinary and Extraordinary General Assembly meeting on Monday 11 April at the Sheraton, Doha. The deal valued Elegancia, which is a dynamic group of companies founded by entrepreneurs Moataz Al-Khayyat and Ramez Al-Khayyat, at QAR 2,667,000,000.

Shareholders approved the increase of share capital of IHG from QAR 830,000,000 to QAR 3,404,037,500 and issued new shares to the owners of Elegancia. As part of the deal, Elegancia’s owners will receive 3.10125 new IHG Shares for every 1 IHG share currently in issue. IHG will now represent 24% of the combined business, with Elegancia at 76%. The deal valued IHG at QAR 860,000,000 and Elegancia at QAR 2,667,000,000 and is subject to obtaining all regulatory approvals and satisfying all the conditions set out in the Acquisition Agreement.

This first-ever reverse acquisition supports Qatar’s economic diversification, in line with the country’s national development goals and National Vision 2030. The acquisition will widen IHG’s capabilities into new industries and sectors, including contracting, healthcare, facilities management, and industry. As one of Qatar’s leading professional service companies, Elegancia's maturing domestic and international exposure will positively impact stakeholder value to generate sustainable growth for the national economy.

As part of the deal, both Moataz Al-Khayyat and Ramez Al-Khayyat will sit as Non-Independent Board Members of IHG, as Chairman and Vice-Chairman respectively. An additional five new Non-Independent Board Members were elected to the Board, as well as four Independent members, including Dr. Bothaina Al Ansari, the only female to sit on the board.

The members of the Board of Directors appointed Hassan Morad Agha as Secretary of the Board, Henrik Halager Christiansen as Group Chief Executive Officer, and Gerard Patrick Hutchinson as Group Chief Financial Officer. The Board of Directors also decided to define the members of the Board of Directors committees.

Elegancia Group is a dynamic consortium of companies offering reliable, sustainable, and quality services to companies across a diverse range of sectors, including healthcare, facility management, contracting and other services. Over recent years, it has rapidly become one of Qatar’s fastest-growing private businesses, operating in a wide range of sectors and employing over 30,000 people. Leading brands within the Elegancia Group include Elegancia Healthcare, Elegancia Resources, Elegancia Catering, Elegancia Facilities Marine, and more.

Recently, Elegancia’s healthcare division announced a partnership with Los Angeles-based non-profit academic healthcare organization, Cedars Sinai, to operate a state-of-the-art hospital located in Al Qutaifiya, near The Pearl.

Since 2008, IHG has grown into one of the leading conglomerates in Qatar with its shares publicly traded on the QSE since 2017. It operates in construction and contracting, specialized contracting, supply of building materials, safety equipment, wooden products, fire-fighting systems, food, chemicals, consumable supplies, and real estate.

Moataz Al-Khayyat, Co-founder of Elegancia and Chairman of IHG, said: “We are delighted to announce the acquisition of Elegancia by IHG in this landmark deal. This deal forms one of Qatar’s largest and leading conglomerates on the Qatar Stock Exchange, which will continue to support the nation of Qatar in delivering on its domestic and international ambitions. IHG will now have unrivalled and unique expertise in a broad range of sectors, as well as delivering stakeholder value to generate sustainable growth for the national economy.”

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