The Nishat Group Acquisition reached a major milestone as Dada Partners (Private) Limited advised the Nishat Group on acquiring a controlling stake in Rafhan Maize Products Company Limited. The transaction is the largest private-sector cross-border acquisition of a listed company in Pakistan’s corporate history, excluding privatisations.

The deal is valued at approximately PKR66 billion. As a result, the Nishat Group now holds a 75.9% super-majority stake in Rafhan Maize Products Company Limited.

The group purchased 51% of the company’s shares from Ingredion Incorporated of the United States, which retained a strategic minority stake. Additionally, Nishat acquired 20.5% from a minority shareholder and another 2.4% through the mandatory public offer.

Throughout the transaction, Dada Partners served as the exclusive financial adviser. The firm advised the Nishat Group on deal origination, due diligence, valuation, competitive bidding, negotiations and execution of the share purchase agreement.

Moreover, the advisory work covered regulatory approvals, governance arrangements between Nishat Group and Ingredion, foreign exchange approvals, the mandatory public offer and foreign currency acquisition financing.

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Commenting on the deal, Shazad Dada, Founder and Managing Partner of Dada Partners, described it as a landmark cross-border acquisition. He said the transaction brings together one of Pakistan’s largest business groups and a leading global multinational company.

According to Dada, the successful completion of the deal reflects continued confidence from local investors in high-value assets. He added that international companies remain willing to collaborate with strong Pakistani business groups.

Furthermore, Dada thanked the Mansha family for its strategic vision and confidence in the firm. He also acknowledged the support of Ingredion, the Monnoo family, legal advisers, regulators and financial institutions that helped complete the transaction.

The acquisition strengthens the Nishat Group’s expansion into Pakistan’s food processing sector. At the same time, it supports the group’s strategy to increase value-added exports.

Meanwhile, the transaction reinforces Dada Partners’ reputation for advising on complex mergers and acquisitions. It also highlights the firm’s expertise in cross-border execution, regulatory approvals, sophisticated financing structures and multi-party stakeholder coordination.

Dada Partners acted as the exclusive financial adviser to the Nishat Group. Meanwhile, Cornelius, Lane and Mufti (CLM) served as legal counsel. Next Capital managed the mandatory public offer, while Dubai Islamic Bank provided 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. Recently, the firm advised Amreli Steels Limited on one of Pakistan’s largest debt restructuring transactions.