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.