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Sunday, 21 March 2021

Ebtikar now holds 80% of Bee + Rx Healthcare has a EGP 1 bn M&A pipeline

Ebtikar now holds 80% of Bee after acquiring an additional 20% stake in the company held by software services company Techno Beez. The EGP 40 mn transaction officially closed yesterday, Al Mal reports, citing unnamed sources. Ebtikar, which already held a 60% stake in Bee before the transaction, is now mulling a share swap with Techno Beez that would see the latter acquire a stake in Ebtikar, the sources said.

Background: Ebtikar’s acquisition follows Vodafone Egypt’s purchase of a 20% stake in each of Bee and Masary — both subsidiaries of Ebtikar — under the terms of an MoU between Vodafone and Ebtikar. Vodafone will acquire the stakes through a capital increase — a move that will open the door for Bee and Masary’s expansion in Africa. Ebtikar is a joint venture between B investments, BPE Partners and MM Group for Industry and International Trade.

OTHER M&A NEWS- EFG Hermes’ Rx Healthcare is either in talks over or due to wrap up EGP 1 bn worth of new acquisitions in the generic pharma and injectables industries, EFG said in its 2020 earnings release (pdf). The fund will look to expand its portfolio of pharma companies after having successfully closed an 80% stake purchase in manufacturer United Pharma in 2019.

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