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Monday, 6 December 2021

The UAE’s Chimera just bought a stake in Gemini. Plus: B Investments acquires take in Egyptian IVF Center

The UAE’s Chimera bought 25% of Sawiris’ Gemini Global Development in a USD 100 mn transaction? Abu Dhabi-based investment firm Chimera Investment completed an acquisition of a 25% stake in Sawiris family-owned  firm Gemini Global Development Egypt, multiple sources with first-hand knowledge of the transaction confirmed to Enterprise. Look for more information later today. Chimera is acquiring the shares via a USD 100 mn capital increase, which brings the total capital of Gemini Global Development Egypt — which owns 100% of Ora Developers Egypt — to USD 400 mn, according to Al Shorouk, which first reported on the story.

Who’s who: Chimera Capital (which owns Chimera Investments), a subsidiary of Abu Dhabi’s Royal Group, is a significant backer of Nasdaq-bound transportation play Swvl and has just recently wrapped up the second close of its first-ever venture capital fund, which will see it invest in 12-15 startups across the Middle East and Southeast Asia. Chimera is run by CEO Seif Fikry (LinkedIn) an Egyptian veteran of the regional capital markets scene and founder of the region’s first UCITS-compliant exchange-traded fund. Royal Group has investments in some 60 entities with 20k employees spanning real estate to FMCG by way of healthcare and aviation. Gemini Global Development Egypt is a separate entity to Gemini Holdings, the Sawiris family’s private equity arm, invests in everything from real estate to private equity , sources at the company tell us.

IN OTHER M&A NEWS-

Arm of EGX-listed B Investments snaps up 51% of Egyptian IVF: B Healthcare Investments, B Investments’ newly-established specialized healthcare company, has acquired a 51% stake in the Egyptian IVF Center, according to a company statement (pdf). The transaction — the value of which was not disclosed — is pending regulatory approval, the statement notes. Private equity firm BPE Partners — which manages B Investments — had been eyeing the majority stake in Egyptian in-vitro fertilization sector since last year.

BACKGROUND- B Healthcare Investments is screening the market for other potential ventures, but started with Egyptian IVF Center, the first specialized facility to offer fertility treatment in Egypt. The transaction comes after investor relations and private equity veteran Sherif El Ghamrawi was named CEO of the company this past February.

 

CLARRIFICATION ON 6 DECEMBER

Abu Dhabi’s Chimera Investments had acquired a stake in the Sawriris-owned Gemini Global Development Egypt (which owns 100% of Ora Developers) and not Gemini Holdings as was noted in an Al Shorouk article last night, which we picked up this morning. The latter is a separate entity owned by the Sawiris family.

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