Back to the complete issue
Thursday, 15 October 2020

ADQ Holding could be in the running to close out a major acquisition of Atyab

M&A WATCH- ADQ Holding could be in the running to grab a majority stake in Ismailia for Agricultural Investments: Emirati state-owned investment firm ADQ Holding — formerly known as Abu Dhabi Development Holding — has reportedly submitted an offer to purchase a majority stake in frozen meats and poultry company Atyab, in what could be an acquisition valued at EGP 3 – 3.2 bn, Al Mal reports, citing unnamed sources familiar with the negotiations. While still in the early stages of discussion, ADQ is set to soon start due diligence on Atyab, sources added. UK private equity firm Alta Semper had previously attempted an acquisition of Atyab, but withdrew from the running after ADQ’s offer came in 40% higher than the company’s own.

EFG Hermes has been tapped as financial advisors for the acquisition.

The acquisition offer comes as food security is growing evermore important because of the pandemic. Press reports earlier this week suggested a bid from an Arab sovereign wealth fund to acquire 75-100% of Atyab for EGP 3 bn was being positioned as a means of increasing Egyptian exports and supporting food security in both countries.

What else has ADQ been up to recently? Reports earlier this year indicated that ADQ could be working alongside the Sovereign Fund of Egypt to participate in Banque du Caire’s USD 500 mn IPO on the EGX. The two had also agreed last year to set up a USD 20 bn joint investment fund to invest using a variety of structures in manufacturing, traditional and renewable energy, and technology and other sectors

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.