Egypt’s CIRA to acquire 60% of the UAE’s Starlight Education
M&A WATCH- CIRA to acquire 60% of the UAE’s Starlight Education: Leading private-sector education provider Cairo for Real Estate and Investment (CIRA) is acquiring 60% of UAE-based Starlight Education, which indirectly owns British Columbia Canadian International School (BCCIS) in Shorouk City, CIRA said in a statement (pdf). The transaction will add BCCIS to CIRA’s portfolio of K-12 international school brands. “[The acquisition] doesn’t only signify CIRA’s belief in BCCIS as a school and a brand, but also our commitment to grow the K-12 portfolio in parallel with the robust expansion in higher-ed,” CEO Mohamed El Kalla said.
CIRA will set up a new arm to manage international schools in partnership with the Mostafa family, which founded BCCIS. The new company will expand its business by setting up two new German and French schools to cater to upper-middle income families, the statement adds.
Growth strategy: El Kalla said earlier this year that the company will continue focusing on a growth strategy that centers on differentiation to “cement the presence of its brand.” The company raised EGP 1.24 bn when it made its EGX debut late last year. It was planning to use the proceeds to push forward with its growth plans.
Advisors: Our friends at Arab Legal Consultants (ALC) were legal counsel to existing shareholders who together sold a substantial stake in Starlight. Zulficar and Partners acted as legal advisors to CIRA, while Tamimi were advisors to the company. Fincorp was the appointed IFA.