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Thursday, 25 February 2021

SFE to invest 10% in ADQ’s acquisition of Amoun Pharma

SFE to get in on ADQ’s acquisition of Amoun Pharma: The Sovereign Wealth Fund of Egypt (SFE) is reportedly going to join Abu Dhabi’s sovereign wealth fund ADQ in its bid to acquire 100% of Bausch Health’s unit in Egypt, Amoun Pharma, sources close to the matter reportedly told Hapi Journal. The SFE is reportedly looking to nab a 10% stake in Amoun when the transaction is completed. While the fair value assessment has yet to be completed, the sources said that the entire transaction is valued at USD 700 mn. The two funds are expected to complete due diligence in two weeks’ time, the sources note. We have reached out to the SFE for comment on the move, but have yet to receive a reply as of dispatch time.

Advisers: EFG Hermes is reportedly acting as financial advisor for the transaction, while Matouk Bassiouny is acting legal adviser.

Background: The transaction is likely to be done through a USD 20 bn investment platform Egypt and the Abu Dhabi set up back in 2019 through their sovereign wealth funds. SFE and ADQ were expected to announce a number of new joint investments in 1Q2021, Planning Minister Hala El Said had announced last month.

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