Back to the complete issue
Tuesday, 7 July 2020

NI Capital in talks with Bank Audi for acquisition of Arabeya Online brokerage

M&A WATCH- NI Capital eyes Arabeya Online acquisition: State-owned investment bank NI Capital is in talks with Bank Audi to acquire its online brokerage arm, Arabeya Online, and is currently doing due diligence, Al Mal reports, citing unnamed sources. NI Capital is in negotiations over a potential purchase agreement with the Lebanese bank after three brokerages expressed interest in purchasing a majority stake earlier this year, according to the sources.

Advisors: NI Capital has tapped Zulficar & Partners as legal advisor, while Bank Audi has appointed Matouk Bassiouny and Hennawy as counsel.

Background: Bank Audi said earlier this year it was looking to offload its 100% stake in Arabeya Online shortly after announcing it was looking to sell its Egypt unit to First Abu Dhabi Bank. Sources familiar with the matter said in February that HC Securities & Investment, Cairo Capital Securities and a third unidentified company submitted bids for the brokerage. FAB put its acquisition of Bank Audi’s Egypt operations on hold in May, citing fallout from the coronavirus.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.