Regional PE firm AfricInvest acquires 40% in Masria Cards
M&A WATCH- Regional PE outfit AfricInvest acquires 40% in Masria Cards: Private equity firm AfricInvest has closed a transaction acquiring a 40% stake in smart card supplier Masria Card, according to the local press, citing sources close to the matter. The transaction will be concluded in two phases: first by selling a small stake from businessman Ahmed Nafea’s 100% share, and then via a capital increase by the fund.
Advisors: EFG Hermes is acting as sell-side financial advisor, while Al Tamimi & Company served as a legal consultant. White & Case is the buy-side legal advisor.
This will be AfricInvest’s second investment in the country after recently acquiring a stake in Carbon Holdings, we reported earlier. Masria Cards, meanwhile, was a Nilex-listed company until it decided to voluntarily delist its shares in 2015. When it last made a bourse filing in that year, it had EGP 10.8 mn in capital and c.EGP 10.5 mn in half-yearly earnings.