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Sunday, 4 July 2021

Leasing provider GlobalCorp’s owners seeking an exit

Europe-based investors are looking to snap up 90% of leasing and non-banking financial services company GlobalCorp, according to a report by Al Mal quoting sources it says are in the know. Due diligence is currently underway, with more details due to be unveiled “soon,” the sources said without pinning down a value to the stake. We tried reaching out to Ezdehar and GlobalCorp, but they were unable to comment as of dispatch time.

Who’s selling? Private equity outfit Ezdehar, which owns 60% of GlobalCorp, and German development bank KfW’s Sanad fund, which holds 30%. Both sides said they’re looking to exit GlobalCorp after hitting their target ROI, the sources speaking to Al Mal said.

Who is GlobalCorp? GlobalCorp provides “structured leasing products and other financial and advisory services” to specific industries including real estate development, transportation, health, education, pharma, F&B, paper, and chemicals and oil services.

Background: The company was set up in 2015 by local and foreign institutions including Ezdehar and Sanad. Its CEO, Hatem Samir holds the 10% stake not owned by the latter two funds. GlobalCorp’s largest shareholder, Ezdehar, counts the European Bank for Reconstruction and Development (EBRD), the European Investment Bank, and the development finance arms of the UK and the Netherlands, among its limited partners. LPs also include the Sawiris family’s Gemini Holding

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