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Thursday, 15 September 2022

Expedition Investments consortium acquires 33% of Domty

Expedition bags (almost) all of its targeted shares in Domty: Shareholders in EGX-listed Domty agreed to sell 93.0 mn shares to a consortium of investors led by Expedition Investments in a mandatory tender offer that closed yesterday, according to an EGX bulletin. That’s 97% of the 96.2 mn shares the consortium was targeting, handing it a 32.9% stake in the firm. At Expedition’s revised offer price of EGP 5.50 per share, the transaction was worth some EGP 511.6 mn by our math.

REFRESHER- Domty shareholders had from mid-August until end of close on Wednesday to sell their shares under the mandatory tender offer (MTO). Expedition upped its original offer price by 10% last week to EGP 5.50 a share, after BDO valued the company at EGP 6.90 per share.

Damatis dominate Domty: The Damati family — which founded Domty and already controlled 56% of the company — are part of the consortium that acquired the 33% stake and own minority stakes in Expedition, meaning they now control some 89% of the company’s shares. Expedition is a special purpose vehicle domiciled in Mauritius and controlled by undisclosed investors in Egypt and the Gulf.

Advisors: Our friends at EFG Hermes quarterbacked the transaction and Matouk Bassiouny & Hennawy acted as counsel to Expedition.

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