Egypt Post enters the sports market
Egypt Post’s investment arm, Post for Investment (PFI), has acquired 20% of state-owned sports management company Estadat Holding, Estadat CEO Seif El Wazery said at a press conference on Thursday, according to Youm7. The partnership will see Egypt Post help raise Estadat’s capital as it looks to expand as part of a five-year business strategy.
The price tag: The value of the transaction was not disclosed, but El Waziri was quoted as saying Al Ahly Pharos and PricewaterhouseCoopers’ fair value assessment of Estadat valued the company at EGP 5 bn, implying the transaction was worth something in the EGP 1 bn range.
A new JV in the works? Estadat and PFI earlier this week signed an agreement to establish a new sports club management firm named City, Youm7 reported, without disclosing further details. The two companies als signed an agreement that will see PFI provide digital payments services to members of Estadat’s sports clubs, according to Al Shorouk.
About Estadat: A subsidiary of state-owned media giant United Media Services, Estadat owns the City Club chain of sports clubs, which has locations in over 15 municipalities nationwide. The company is also the majority shareholder of Presentation Sports, which owns the rights to Al Ahly TV.
About PFI: The Post’s private investment arm has appetite for industries including telecom, non-bank financial services, outdoor ads, and real estate, was mulling an IPO last year. It has stakes in bold-name businesses in the telecoms and microfinance industries, among others.