Sources said: Emaar Properties has chosen Emirates NBD to advise it on the sale of fashion e-commerce company Namshi.
Emaar Malls bought 51% of Namshi from Global Fashion Group for $151 million in 2017, and bought the remaining 49% in 2019 for $130 million.
Sources said last month that Emaar Properties was studying options to sell Namshi, including listing the company abroad through a special purpose acquisition company.
One source said last month that the full sale of Namshi could generate $600 million to $700 million in revenue, while a listing through a special purpose acquisition company could be more profitable. Special Purpose Acquisitions, a popular deal-making vehicle, raise funds to acquire private companies for the purpose of listing, allowing the target company to list more quickly in stock markets than a traditional IPO.
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