FAB eyes GB Lease takeover
First Abu Dhabi Bank (FAB) is in advanced talks with GB Auto to acquire 100% of its leasing arm GB Lease, Al Shorouk reported Saturday, citing sources familiar with the discussions. The two sides have not yet settled on a valuation but an agreement is supposed to be finalized some time during 2H 2022, the sources claimed.
No agreement yet: GB Auto has not entered any “definitive agreements” on a stake sale in subsidiary GB Lease, it said in an EGX disclosure (pdf) yesterday.
FAB on a buying spree: The Gulf lender recently made an offer to buy a majority stake in leading frontier emerging markets financial services corporation EFG Hermes as part of its wider plans for regional expansion.
IN OTHER M&A NEWS-
Palm Hills Developments (PHD) has upped its stake in Incolease for the second this month, purchasing a 5.76% stake in the company for EGP 47 mn, according to an EGX disclosure (pdf). The company now owns 15.36% of Incolease after it bought more than 1.1 mn shares at EGP 41 apiece. The transaction comes less than two weeks after PHD purchased a 7.97% stake in the company for EGP 65.4 mn. El Tarek Automotive also acquired a 23% stake in Incolease in an EGP 189 mn transaction earlier this month.