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Thursday, 24 September 2020

EBRD, CDC also in the running to acquire Egypt’s Adwia?

M&A WATCH- EBRD, CDC also in the running to acquire Egypt’s Adwia? Pharma manufacturer Adwia is still up for grabs, as the European Bank for Reconstruction and Development (EBRD) and the UK development finance institution CDC have reportedly expressed interest in taking a stake, reports Al Mal. An EBRD representative declined Enterprise’s request for comment, saying the bank does not comment on investments still under discussion.Chairman Hossam taher told the local press yesterday that UK private equity outfit DPI had finalized an agreement to acquire Adwia for USD 200 mn. The two restarted talks and now “see eye-to-eye” on the valuation after Adwia rejected DPI’s original offer to acquire the company for USD 150 mn, he said. Adwia Chairman had said that DPI’s acquisition could be complete within three weeks.

Advisors: Zaki Hashem & Partners is acting as legal counsel to Adwia, while Matouk Bassiouny & Hennawy is advising DPI.

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