Back to the complete issue
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.

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. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank 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; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt.