Back to the complete issue
Sunday, 29 November 2020

GCC wealth funds eye USD 700 mn Amoun Pharma acquisition

Amoun Pharma could be the target of a joint acquisition bid by the Emirati and Saudi sovereign wealth funds, who are said to be eyeing Bausch Health’s unit in Egypt as part of a larger, longer-term partnership, according to a Bloomberg report citing what it says are sources familiar with the matter. There were no details on the timeline or value of the potential transaction. We noted last month that the price tag could be north of USD 700 mn. Bausch — back before it rebranded to sidestep the tarnished Valeant name — acquired Amoun, which manufactures human and veterinary meds, in 2015 for USD 800 mn and some contingency payments.

Saudi, UAE funds in talks over a wider co-investment plan: Saudi’s USD 347 bn Public Investment Fund (PIF) and ADQ, the Abu Dhabi-based USD 136 bn sovereign fund, have recently been working closely on transactions in key industries such as healthcare, food security, and industrials, Bloomberg’s sources said.

ADQ seems to like Egypt: ADQ invested in October in Indian retailer Lulu’s recent foray into Egypt, and, according to Bloomberg, the PIF is mulling the same. ADQ was also said in October to be mulling a bid for frozen meats and poultry company Atyab.

OTHER M&A NEWS- State-owned Banque Misr and Al Ahly Capital acquired a 40% stake in Western Union’s local representative, International Business Associates Group (IBAG), according to a statement, which did not put a value on the transaction. Al Ahly Capital is the National Bank of Egypt’s investment arm. IBA traces its roots to the late 1970s, when the late WIlliam Harrison opened a business that aimed to help foreign investors do business here. At its height, it owed Western Union and FedEx in Egypt and published Egypt Today and Business Today Egypt magazines.

Advisors: Zaki Hashem & Partners acted as legal advisor for the state-owned banks, while Banque Misr’s investment firm Misr Capital acted as financial advisor. Bahaa-Eldin Law Office (in cooperation with BonelliErede) was the legal advisor for IBAG, while Ernst & Young conducted due diligence on the transaction.


Bahrain’s Arab Banking Corporation (Bank ABC) has wrapped up due diligence on Blom Bank Egypt and plans to make a “generous” offer to acquire the Lebanese bank’s Egypt assets, Masrawy reports, citing unnamed industry sources. Bank ABC is bidding against fellow GCC bank Emirates NBD.

The National Bank of Egypt (NBE) will complete its acquisition of a 24% stake in Aman by the end of the year, the local press reports, citing unnamed sources it says are familiar with the matter. Parent company Raya Holding approved the sale of the minority stake in the company’s non-banking financial services arm earlier this month. Advisors: NBE recruited Grant Thornton earlier in September as its financial advisor on the transaction, while Matouk Bassiouny & Hennawy is serving as legal counsel.

Speed Medical plans to acquire the Noor El Islam Medical Labs in Beheira and Kafr El Sheikh for a maximum of EGP 6.5 mn as well as El Sharq Labs in Kafr El Sheikh for up to EGP 2.5 mn. The lab and diagnostic testing company has also set up a healthcare facility management arm to offer management services to other operators.

Pioneers Holding’s demerger plans were approved by shareholders last week, moving the company closer to splitting into three entities specializing in financial services, real estate, and the industrial sector, according to an EGX filing (pdf).

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.