Ogier advises ShopUp on its merger with Sary Technologies to form SILQ Group

Ogier's Cayman Corporate team in London has advised ShopUp on its merger with Saudi Arabia's Sary Technologies to form a new B2B commerce platform, the SILQ Group.

ShopUp, Bangaldesh's largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, will join forces in a deal backed by substantial funding of $110m and led by Sanabil Investments, an investment company wholly-owned by Saudi Arabia’s Public Investment Fund and Peter Thiel’s Valar Ventures. 

The merger positions SILQ at the intersection of the Gulf and Emerging Asian markets, where it is expected to create a vast B2B commerce platform to serve some of the quickest-growing fast moving consumer goods (FMCG) economies in the world. 

Ogier were instructed by ShopUp's lead counsel Greenberg Traurig. The Ogier team was led by partner Richard Bennett and assisted by managing associate Hannah Diss, with local support provided by managing associate Ridhiima Kapoor in Ogier's Dubai office.   

Richard Bennett said: "We are delighted to have worked with Greenberg Traurig to advise ShopUp on this merger. This deal demonstrates Ogier's unique position in London providing Cayman advice to European and Middle East clients in a convenient time zone, as well as Ogier's growing presence in the Middle East following the launch of our Dubai office in November 2023."