Elsewedy to snap up a controlling stake in Egypt’s International Cables Company in EGP 410 mn transaction: Elsewedy Electric has signed a sale and purchase agreement to acquire 99.25% of Egypt-based cablemaker International Cables Company (ICC) for EGP 410 mn transaction, according to an EGX disclosure (pdf). The transaction is still subject to regulatory approvals.

Look for as many as two more acquisitions from Elsewedy before the year is done. The company’s M&A director, Ahmed Nabil, has previously said the company is aiming to close three transactions in the second half of the year, looking at unidentified technology, electric equipment and cable makers. The company is open to transactions in the USD 100 mn range — or more if it makes strategic sense, Nabil said.

What’s ICC? The company employs some 400 people and produces low-, medium- and high-voltage cables as well as telephone cable at a facility in the 10 Ramadan industrial zone set up back in 1989. The company has “achieved robust growth over the past years … positioning it as an attractive investment … for strategic investors,” sell-side advisor Al Ahly Pharos said in a statement (pdf) without providing further information.

Advisors: Al Ahly Pharos was financial advisor to the selling shareholders. Our friends at Alieldean Weshahi & Partners were counsel to Elsewedy, while Al Kamel Law Firm had sell-side duty.

IN OTHER M&A NEWS- Raya Contact Center is on course to acquire an 85% stake in Bahrain-based call center company Gulf Customer Experience (Gulf CX) in a USD 12 mn transaction, investor relations head Karim Seoudi told Enterprise, confirming a statement to the EGX (pdf). Raya is purchasing a total of 335,829 shares in Gulf CX, with Raya valuing the entire company at USD 14.32 mn, the statement said. The company plans to fully acquire Gulf CX over two stages, the first being the acquisition of 85% of the company, with the two sides expected to ink a final agreement “within days.” The remaining 15% should be snapped up over the upcoming three years at most, according to Seoudi.

Advisors: EFG Hermes is acting as Raya’s financial advisor, while Al Tamimi & Company is acting as counsel, Seoudi tells us.

Background: Raya had announced in May that it was on the verge of acquiring an unnamed call center company based in the Gulf. Raya submitted its initial offer to acquire the call center back in October, as part of the company’s plans to expand its footprint in the GCC, particularly in Saudi Arabia.