Back to the complete issue
Wednesday, 6 April 2022

Expedition gets green light to do DD on Domty as part of acquisition bid + Nagaty’s Pie acquires business-sale website Exits

Expedition cleared for DD on Domty: Domty’s board of directors has given Expedition Investments the all-clear to start due diligence in connection with Expedition’s bid for control of the company, the EGX-listed cheese maker said in a regulatory filing (pdf) yesterday.

The bid: Expedition is looking to acquire up to 90% of the company at EGP 5.00 per share in a transaction that values the food producer at more than EGP 1.4 bn, based on our math. This is a 27% premium to its EGP 3.94 closing share price last Thursday, before Expedition’s play was announced. Domty shares are up nearly 15% so far this week and rose 2.7% during yesterday’s trading to close at EGP 4.52.

The bidder: Expedition Investments is an offshore SPV controlled by unknown investors in Egypt and the Gulf. Domty Chairman and MD Omar El Damaty and Vice Chairman Mohamed El Damaty hold stakes in Expedition and did not take part in this week’s board vote. The company is domiciled in Mauritius and counts veteran investment banker Mohamed El Akhdar as a board member.

New M&A advisory shop Pie acquires business marketplace Exits

Newly-launched Cairo-based M&A advisory outfit Pie Consulting has acquired Exits, a regional online marketplace for buying and selling apps, websites and other firms, it said in a press release Monday, without disclosing the value of the transaction.

This is the first we’ve heard of Pie, which aims to address what it says is a gap in the M&A advisory market for startups and SMEs looking to bring in investors. The firm was set up six weeks ago by Mohamed Aboulnaga (LinkedIn), co-founder and CEO of Egypt-based fintech Klivvr and co-founder of Halan (now MNT–Halan), he told Enterprise. Aboulnaga aims with PIE to “build a MicroAcquire in the Middle East,” he said. MicroAcquire is a Silicon Valley startup acquisition marketplace that connects investors with potential targets.

Pie has already been busy: The firm has advised on a merger in the tech sector and an acquisition in e-commerce, he told us, adding that an announcement on the transactions will be made soon. Their pipeline of mandates include acting as sell-side advisor for three firms operating in mobility, on-demand service and e-commerce, and working on the buy-side for a Gulf company on the lookout for an acquisition in Egypt, he said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.