ADC Acquisition Corporation P.J.S.C. signed an agreement to acquire United Printing & Publishing Sole Proprietorship LLC from ADQ Developmental Holding LLC on September 19, 2023. As consideration for the contribution of UPP to ADC, ADQ will be issued 62.3 million new Class A shares in ADC for an issue price of AED 10.00 per share, implying an equity value of AED 623 million for UPP. Post merger, ADQ will remain the single largest shareholder in the combined company.

The transaction is subject to shareholder approval of ADC which is expected to take place on October 12, 2023.