Schneider Electric looking to buy Egyptian tech companies
M&A WATCH- Schneider Electric is mulling the acquisition of a number of Egyptian tech companies,Middle East and Africa President Caspar Herzberg told Al Mal without elaborating further. Schneider also aims to turn Egypt into an export hub for the region and beyond, targeting 70 countries in the Middle East, Africa, Central Asia and Turkey, he said. This could be related to the company’s ongoing work with the government to set up 14 data centers in new cities.
This announcement came shortly after Schneider inked an agreement with authorities that would see the company receive overdue export subsidies from the Export Subsidy Fund by the end of the year. The government started implementing a new EGP 6 bn export subsidy framework last week, and said it is taking steps to settle overdue payments promised under an old program. Walid Sheta, the company’s president for North East Africa and the Levant, had said the agreement would contribute to increasing the company's exports next year. Schneider is also considering establishing a new factory in the Suez Canal area within the next 2-3 years.