A Business Acquisition Letter of Intent is a crucial preliminary document used in the UAE business acquisition process to establish the framework for negotiations and due diligence. This document is typically employed when parties have reached initial understanding on key terms but before conducting detailed due diligence or drafting definitive agreements. Under UAE jurisdiction, it must account for specific local requirements such as foreign ownership restrictions, regulatory approvals, and potential free zone regulations. While primarily non-binding, it typically includes binding provisions for confidentiality and exclusivity, and serves as a roadmap for the proposed transaction, outlining key commercial terms, timeline, and process steps in accordance with UAE legal requirements.
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1. Date and Parties: Opening section identifying the parties, their registered addresses, and company details including trade license numbers as per UAE requirements
2. Introduction: Brief statement of intent to explore the potential acquisition
3. Transaction Overview: High-level description of the proposed transaction structure and assets/business to be acquired
4. Purchase Price Structure: Indicative purchase price or price range and payment terms, subject to due diligence
5. Due Diligence: Outline of the due diligence process, timing, and scope
6. Timeline: Proposed schedule for key milestones including due diligence, definitive agreement, and closing
7. Confidentiality: Binding provisions regarding the confidentiality of discussions and shared information
8. Exclusivity: Binding provisions for exclusive negotiations for a specified period
9. Costs and Expenses: Statement on how transaction costs will be borne by the parties
10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions
11. Governing Law: Specification of UAE law as governing law and relevant jurisdiction for disputes
1. Conditions Precedent: Key conditions that must be met before proceeding with the transaction, used when specific regulatory approvals or third-party consents are anticipated
2. Employee Matters: Overview of proposed treatment of employees, used when workforce considerations are a key aspect of the transaction
3. Financing: Information about funding arrangements, used when the buyer needs to specify funding sources or conditions
4. Break Fee: Provisions for compensation if either party terminates discussions, used in larger transactions or when significant due diligence costs are expected
5. Post-Closing Management: Preliminary agreement on post-acquisition management structure, used when continuity of management is a key consideration
6. Sharia Compliance: Specific provisions ensuring compliance with Islamic law principles, used when either party requires Sharia-compliant transaction structuring
1. Key Assets Schedule: Preliminary list of main assets included in the proposed transaction
2. Due Diligence Checklist: Initial list of required documents and information for due diligence
3. Transaction Timeline: Detailed timeline with key dates and milestones
4. Exclusivity Terms: Detailed terms of the exclusivity arrangement including specific restricted actions
5. Confidentiality Terms: Detailed confidentiality provisions and permitted disclosure circumstances
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