News & Insights


November 4, 2021

IFN Names King & Spalding Private Equity Firm of the Year

DUBAI, November 4, 2021— King & Spalding received numerous awards at the Islamic Finance News (IFN) Law Awards dinner held at the Ritz Carlton in Dubai on October 31, including Private Equity Law Firm of the Year for 2021. The IFN awards honor “the best in the Islamic financial industry,” according to the publication.

The firm also won awards for two 2020 deals:

  • M&A, Equity& IPO Deal of the Year
  • Cross-Border Deal of the Year

King & Spalding was recognized for its role in the “M&A, Equity & IPO Deal of the Year” for advising on Western Union’s US$1.3 billion equity investment into STC Pay, creating the first Unicorn in Saudi Arabia, the third Unicorn in the Middle East, and the first in the Middle East for Fintech. King & Spalding also more recently advised Western Union in relation to the conversion of STC Pay into STC Bank, which will be the first digital bank in Saudi Arabia. The completion of the conversion and share transfer occurred in October 2021.

The firm was also recognized for its work on IFN’s “Cross-Border Deal of the Year,” Gateway Fund I’s acquisition of Tim Hortons’ Gulf Cooperation Council (GCC) franchises. The franchises operate through a joint venture with the Apparel Group, which owns and operates approximately 125 Tim Hortons restaurants across six countries in the GCC. The matter represents one of the most high-profile transactions in the food and beverage sector in the GCC and covers each member state in the GCC.

In addition to these accolades, King & Spalding also received honorable mentions for its work in Asset Management & Islamic Funds, Mergers & Acquisitions, Offshore Finance, and Fintech.

About King & Spalding
Celebrating more than 130 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 1,200 lawyers in 22 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at