DUBAI, United Arab Emirates – April 10, 2025 – A multidisciplinary team from global law firm Greenberg Traurig acted as counsel to ShopUp, Bangladesh’s largest B2B commerce platform, on the merger with Sary, the leading B2B marketplace and services platform in the Gulf, to form SILQ.
Subject to closing formalities, the merger backed by a US$110 million funding led by Sanabil Investments, a wholly owned company by Saudi Arabia’s Public Investment Fund and Peter Thiel’s Valar Ventures, is expected to create the largest B2B commerce platform bringing together the Gulf and Emerging Asia to serve the FMCG market both in the region and across the globe.
To date, the combined network of ShopUp and Sary has served over 600,000 retailers, hotels, restaurants, and wholesalers; facilitated a total of 100 million shipments; and has made over US$5 billion in transactions on their subsequent platforms, exceeding US$750 million in embedded financing disbursements.
The combination of these two powerhouses to establish SILQ as their platform of choice will enable businesses to grow by increasing their efficiency through a combination of financial tools, logistic services, and commerce features.
Post-merger, both ShopUp and Sary will continue to operate in their respective geographies under their respective brand names, while leveraging SILQ’s infrastructure and combined capabilities.
The group will establish a financing infrastructure arm – SILQ Financial, with equity investment and financing facilities from the Sanabil Investment and Peter Thiel’s Valar Ventures funding round, doubling down on the embedded financing scale of both markets and the Point-of-Sales business.
The multidisciplinary team from Greenberg Traurig’s Dubai and Riyadh offices was led by Corporate Shareholder Chadi Salloum, Of Counsel Krishen Patel, and Associate Abdulla Al Hashili. The team was also supported by Shareholders Marwa Al-Siyabi and Shibeer Ahmed, and Senior Associates Abdulaziz Alharthy and Luke Robinson.
“The Greenberg Traurig deal team was superb in supporting and guiding us every step of the way in this important cross border transaction for ShopUp and its stakeholders. The combination of their deep local know-how, commercial approach and strong technical skills shined throughout,” said Vashistha Maheshwari, group CFO, SILQ.
Greenberg Traurig launched in the Middle East in 2023 with offices in the Kingdom of Saudi Arabia and United Arab Emirates. Since then, the firm has been growing steadily in the region, planting roots in the key industries and business sectors most active in the Middle East, including Real Estate; Infrastructure & Transportation; Energy & Natural Resources; Hospitality; Finance & Restructuring; M&A; Private Equity; Private Credit; Sports & Entertainment, including venue, talent, entertainment, licensing, and other needs; Capital Markets; Disputes; and White Collar & Investigations.
Greenberg Traurig’s United Arab Emirates office is operated by Greenberg Traurig Limited.