Back to the complete issue
Tuesday, 18 June 2019

Ebtikar-led consortium completes acquisition of ODH’s 87% stake in Tamweel Group

M&A WATCH- Ebtikar-led consortium completes acquisition of ODH’s 87% stake in Tamweel Group: A consortium of funds including B Investments’ Ebtikar for Financial Investment, TCV1, and Acquire for Investment has completed its acquisition of Orascom Development Egypt (ODH)’s 87% stake in Tamweel Group, Ebtikar said in a statement (pdf). The funds have received all the required approvals and the share transfer has been completed. The news comes more than a year after ODH first announced the transaction. Ebtikar’s chairman, Aladdin Saba, described the acquisition as “an integral part of our growth strategy.” The stake sale has been in the making since the second half of 2016 (pdf), when ODH announced that it would offload the assets in order to pay off some of its EGP 1 bn debt burden.

About Tamweel: Tamweel Group is made up of four companies operating in mortgage finance, factoring, leasing, collection and insurance brokerage. The company is valued at EGP 360 mn.

Advisors: EFG Hermes Investment Banking acted sell-side financial advisor on the transaction. Zaki Hashem & Partners advised Ebtikar and TCV on the acquisition, while Taha, Moussa & Sabahi Law Firm represented Acquire.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt.