Nishat Group completes Pakistan’s largest private-sector cross-border acquisition of Rafhan Maize
Dada Partners advises Nishat Group on the PKR 66 billion deal, marking the biggest private-sector cross-border acquisition of a listed company in Pakistan’s corporate history.
Nishat Group completes a landmark PKR 66 billion acquisition of Rafhan Maize.
Nishat Group has completed Pakistan’s largest private-sector cross-border acquisition of a listed company after securing a controlling stake in Rafhan Maize Products Company Limited in a transaction valued at approximately PKR 66 billion.
Independent financial advisory firm Dada Partners (Private) Limited acted as the exclusive financial advisor to the Nishat Group throughout the transaction, which resulted in the acquisition of 75.9% ownership in Rafhan Maize.
The deal included the purchase of 51% of the company’s shares from Ingredion Incorporated of the United States, which will continue to hold a strategic minority stake. Nishat Group also acquired 20.5% from a minority shareholder and 2.4% through a mandatory public offer, giving it a super-majority stake in the company.
Dada Partners advised the Nishat Group at every stage of the acquisition, including deal origination, due diligence, valuation, competitive bidding, negotiations, execution of the share purchase agreement, regulatory approvals, foreign exchange arrangements and financing. The advisory work also covered the post-acquisition governance framework between Nishat Group and Ingredion.
Commenting on the transaction, Shazad Dada, Founder and Managing Partner of Dada Partners, described the acquisition as a historic milestone that brings together one of Pakistan’s largest business groups with a leading global multinational. He said the successful completion of the transaction reflects the continued confidence of local investors in high-value assets while demonstrating that international companies remain willing to collaborate with strong Pakistani partners.
He thanked the Mansha family for its strategic vision and confidence in Dada Partners and acknowledged the support of Ingredion, the Monnoo family, legal advisers, financial institutions and regulators, including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan and the Competition Commission of Pakistan.
The acquisition strengthens Nishat Group’s presence in Pakistan’s food processing industry and supports its strategy to expand value-added exports. It also reinforces Dada Partners’ growing reputation for advising on complex cross-border mergers and acquisitions involving multiple stakeholders, sophisticated financing structures and regulatory approvals.
Throughout the transaction, Dada Partners served as the exclusive financial advisor, Cornelius, Lane and Mufti (CLM) acted as legal counsel, Next Capital managed the public offer, and Dubai Islamic Bank provided the foreign currency financing.
Founded in 2023, Dada Partners is an independent corporate advisory firm specialising in mergers and acquisitions, capital markets, corporate finance and restructuring. The firm recently advised Amreli Steels Limited on one of Pakistan’s largest debt restructuring transactions and has now completed another landmark assignment with the Nishat Group’s acquisition of Rafhan Maize.
