Groupe SEB, Zahran Group to merge electrical appliances business in Egypt
M&A WATCH- French appliances manufacturer Groupe SEB announced that it is partnering with Egypt’s Zahran Group to merge their electrical appliances and cookware businesses in Egypt, the company announced in a statement on Monday (pdf). Groupe SEB hopes the new entity, Groupe SEB Egypt Zahran, will help strengthen and grow its local manufacturing base and export sales. Groupe SEB will hold a 55% in the new JV, while Zahran will hold a 45% stake. Both companies had set up Groupe SEB Egypt back in 2013 to produce and sell small electrical appliances primarily under the Moulinex and Tefal brands. Beltone Financial and Zaki Hashem and Partners advised Zahran Group on the transaction, which is still awaiting regulatory approval, while Crédit Agricole Corporate and Investment Bank and Matouk Bassiouny served as advisors to Groupe SEB.