Abu Dhabi’s Eshraq Properties has reportedly abandoned plans to acquire Reem Investments after being unable to reach an agreement.
“The strategic investment of Reem Investments in Eshraq Properties will not be completed. Further to discussions and deliberations, the parties have not been able to agree on major commercial matters underpinning the deal," Eshraq said in a statement to Abu Dhabi Securities Exchange.
The two companies announced in August 2017 that they were in “advanced talks” about the possible merger.
Eshraq Properties has a market capitalisation of $632.9m (AED2.325bn) while the privately-owned Reem Investments has a paid-up capital of $421.9m (AED1.55bn).