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Wednesday, 27 January 2021

Landmark M&A in pharma, education

The week ends with news of two landmark acquisitions, one each in pharma and education.

LSE-listed Hikma Pharma plans to buy a 91.2% stake in GlaxoSmithKline’s pharma and manufacturing business in Egypt, according to an EGX disclosure (pdf). The transaction would be subject to the completion of due diligence — which GSK’s board must now approve — as well as regulatory approvals, and would take place following Hikma’s submission of a mandatory purchase offer of 100% of GSK’s Egyptian arm. The non-binding term sheet signed by both companies also includes a potential acquisition of GSK’s Tunisia business. A timeline for the acquisition, or the potential value of the purchase were not disclosed. Reuters also took note of the story.

ALSO- We have the first education acquisition since the ministry lifted the 20% foreign ownership cap: Mauritius-based Olympus Victory has acquired Al Rowad International School for an undisclosed sum, advisors Matouk Bassiouny & Hennawy announced in a statement (pdf) yesterday. Olympus is the foreign shareholder and owner of Kaumeya Language Schools. Matouk Bassiouny’s Islam Saeed (partner and head of the education group) led the transaction with an assist from associate Yara Ghoneim.

WATCH THIS SPACE- SFE + ADQ announcing new investments this quarter: The USD 20 bn investment platform Egypt and the UAE set up back in 2019 through the Sovereign Fund of Egypt and ADQ (formerly known as Abu Dhabi Holding Company) will announce a number of new joint investments by the end of 1Q2021, Planning Minister Hala El Said in a statement yesterday. El Said discussed the platform with SFE boss Ayman Soliman and ADQ Egypt CEO Mohamed Al Suwaidi.

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