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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.

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