ADQ Holding’s Agthia to move forward with Atyab acquisition soon: Emirati state-owned investment firm ADQ Holding’s food subsidiary Agthia has approved a bid to acquire 75% of Atyab brand owner Ismailia Agricultural and Industrial Investments, according to Hapi Journal. The takeover, which could be valued at up to EGP 3.2 bn, is now pending regulatory approval, Agthia said. Sources previously said the acquisition is expected to be completed before the end of 1H2021.

If completed, the bid would make Agthia one of the leading frozen meat and poultry players in the MENA region, the company said. The Egypt-based target, Ismailia, owns a 60k sqm facility with an annual production capacity of nearly 70k tonnes. It produces several other brands of frozen meat besides its flagship Atyab including Meatland and Shikeeta.

Advisors: Law firms Matouk Bassiouny & Hennawy and Freshfields Bruckhaus Deringer are acting as local counsel to Agthia, and EFG Hermes is the company’s financial advisor on the transaction. Adsero-Ragy Soliman & Partners, meanwhile, is Ismailia legal advisor, and First Capital Financial Advisory is financial advisor to the Egypt-based target.