M&A WATCH- Abraaj exits education company CIRA: Emerging markets private equity giant Abraaj has reportedly sold its 35% stake in CIRA back to the Egyptian education company’s founding shareholders, Al Mal reports. The stake was bought by Social Impact Capital Ltd, a vehicle belonging to the family of Hassan El Qalla, according to the newspaper. Bloomberg reported on Sunday that Abraaj was in advanced talks to sell a 35% stake in CIRA to the family shareholder as part of a series of moves to lighten its footprint following allegations that it misused funds from a USD 1 bn healthcare fund. These moves also include delaying the IPO or sale of its North African hospitals business, which owns a dozen hospitals and clinics in Egypt, Tunisia, and Morocco worth a collective USD 500 mn. Abraaj had tapped EFG Hermes and Citigroup back in January to manage the sale, the business information service reported.

Will CIRA now relist on the EGX? CIRA is “strongly considering” plans to relist on the EGX, El Qalla reportedly said. He added that all will be revealed some time in September, according to the newspaper.