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Emaar Properties
The Company
Emaar Properties, a Dubai-based Public Joint Stock Company, (the “Company”) is one of the world's largest real estate companies. The Company is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. Emaar has several major real estate projects in the United Arab Emirates (UAE), including the Burj Dubai, which will be the world’s tallest tower when complete, and The Dubai Mall, which will be the world’s largest shopping mall. The company has projects across the region covering India, Egypt, Turkey, Morocco, Syria, Jordan, Pakistan, Lebanon, and Saudi Arabia. Emaar also has an agreement with Giorgio Armani to develop an international chain of luxury Armani hotels and resorts around the globe.
“Through their industry knowledge and significant experience with global transactions, KPMG Corporate Finance was able to find an acquisition candidate and negotiate a deal that fit perfectly with our strategic goals.”
The Situation
Emaar had two objectives: expand its geographic footprint outside of its existing markets, and acquire a leading management team to leverage its expertise on a global basis. The Company believed that acquiring a leading U.S. homebuilder with a strong management team would achieve these objectives.
The Transaction
KPMG Corporate Finance conducted a comprehensive target search to identify potential U.S. acquisition candidates that would offer the greatest combination of strategic fit and value for Emaar. KPMG Corporate Finance identified John Laing Homes, the second largest privately held homebuilder in the United States, based in Newport Beach, California, with revenues of US$1.6 billion and 2,891 residential closings in 2005. John Laing Homes consistently ranks among industry leaders in overall customer satisfaction by J.D. Power & Associates and has received numerous industry awards, including “America’s Best Builder” for 2006 from Builder magazine, “2005 Most Admired Builder of the Year” from Big Builder magazine, “2004 Builder of the Year” from Professional Builder magazine, and “Builder of the Decade” in 2000 from independent research firm Eliant. These awards are a testament to the strength of the John Laing management team, and indicative of the management expertise and best practices that Emaar would leverage globally upon the consummation of the transaction. KPMG Corporate Finance pursued an aggressive timeline to assist in completing this transaction, which was completed within a timeframe and with an appropriate transaction value to meet Emaar’s objectives.
