Back to the complete issue
Monday, 17 October 2022

EEP acquiring majority stake in Selah El Telmeez

Student lifeline Selah El Telmeez is going to have a new majority owner: EFG Hermes and the Sovereign Fund of Egypt’s (SFE) education management firm Egypt Education Platform (EEP) has inked an agreement to acquire an undisclosed majority stake in education platform Selah El Telmeez (SET), according to a statement (pdf). The SFE will separately acquire a minority stake in Selah El Telmeez, the statement said. EEP Communications Director Amr Sherif declined to disclose size of the stakes or value of the transaction when asked by Enterprise, noting that the transfer of shares is still in progress.

Selah El Telmeez is a national treasure: It’s the leading resource for K-12 students across a variety of subjects, offering assistance to those struggling with the national curriculum and providing learning guides that mns of families across the nation rely on. Along with its staple learning guides, the company is also behind a number of Egyptian book franchises and recently launched a mobile app offering students interactive games and educational videos.

The acquisition will help Selah El Telmeez expand digitally: EEP is committed to helping SET realize its growth potential by expanding its footprint of education content and teaching resources, EEP CEO Ahmed Wahby said in the statement. “We aim to accelerate the company’s digital transformation to unlock new innovative learning solutions,” he added.

The acquisition also aims to widen the platform’s market share: “Selah El Telmeez does not currently target international schools, so we are keen on giving them access to international schools, starting with the schools in our own portfolio, to really deploy their digital learning platform,” Sherif told Enterprise. “We’re looking at governorates where Selah El Telmeez is not yet dominant, and exploring how to expand and widen market share in those areas,” he added.

No changes at the top: SET will continue to hold on to its individual brand, with Waleed Hamdy as its CEO and Mostafa Hamdy as co-CEO, the statement read.

ADVISORS- EEP tapped White & Case as legal advisor, while Adsero-Ragy Soliman and Partners was counsel to the SFE. Al Tamimi & Co had sell-side duties.

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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.