Dubai-based contractor Depa has acquired Singapore’s Design Studio Furniture Manufacturer (Design Studio) for AED295m ($80m).
Depa recently increased its stake in Design Studio from 24.7 per cent to 90.5 per cent, having bought its first stake in the company in 2006.
Design Studio specialises in interior fit-outs and is mainly active in Southeast Asian markets. The acquisition is part of Depa’s plans to expand into other markets.
“This acquisition is another key element in our long term diversification plan, giving us greater exposure to the Southeast Asian markets, where we see significant opportunities,” said Mohannad Sweid, chief executive, Depa.