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Tuesday, 4 May 2021

Raya wraps up agreement to sell BariQ to Intro Group

Raya agrees BariQ sale: Raya Holding has signed an agreement with Intro Group subsidiary Intro Waste Management to sell 100% of its recycling arm BariQ in a transaction that values the company at more than EGP 490 mn, Raya said in a statement (pdf) this morning. Raya’s board had originally given its nod to the sale in November before reports surfaced in the local press last week suggesting that Mamdouh Abbas’ Intro Group was close to acquiring the company. The company had received offers from at least six local and foreign investors.

Advisors: Compass Capital was buy-side advisor and Pharos’ brokerage arm had sell-side duties. Zaki Hashem & Partners provided counsel.

IN OTHER M&A NEWS- Several investors have submitted non-binding offers to acquire a majority stake in Alexandria Medical Services, CI Capital, which is quarterbacking the sale, said in a disclosure to the EGX (pdf) today. Alex Medical is the subject of a bidding war, and is being courted by four bidders interested in Abu Dhabi Commercial Bank’s 51.5% stake. The bidders are EGX-listed Cleopatra Hospitals Group (CHG), Alexandria for Medical Investment Company (the majority shareholder of Mabaret Al Asafra Hospitals Group), healthcare investment firm Seha Capital, and a consortium that includes Speed Medical. At least two of those bidders, including CHG and the Speed Medical consortium, were previously said to have fielded initial offers. Final binding offers are expected to be submitted by the third week of May, at which point bidders would have wrapped up due diligence.

Advisors: EFG Hermes is acting as CHG’s financial advisor, while Arqaam Capital is advising the Mabaret Al Asafra-Tana consortium (aka Alexandria Healthcare Investments). Zilla Capital is advising Mabaret Al Asafra’s shareholders. Prime Capital is advising the Tawasol-Speed Medical-LimeVest consortium. CI Capital is the sell-side advisor.

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