B Investments sells entire stake in TotalEnergies Egypt: BPE Partners’ B Investments has agreed to sell its entire 6.38% stake in TotalEnergies Egypt to TotalEnergies Marketing Afrique (TEMA) for USD 27.6 mn, the company said in a statement (pdf). This came alongside a separate BPE Partners-backed vehicle’s exit of its 9% stake to TEMA for USD 39 mn, handing TEMA the two shareholders’ combined 15.38% stake in TotalEnergies, a source close to the matter told Enterprise.

Exiting shareholders could get more: The firm could also get an additional USD 2.2 mn in the transaction in the event of the closure of Adnoc’s acquisition of 50% of TotalEnergies from TEMA, B Investments IR head Omar El Labban told Enterprise. The other vehicle would also get an additional USD 3.2 mn if the acquisition goes through, our source said. The transaction is subject to regulatory approvals and is expected to close in 1Q 2023.

Refresher: Adnoc’s distribution arm had agreed in July to acquire 50% of TotalEnergies Egypt for up to USD 203 mn. TEMA — which holds the 84.6% majority stake — would sell 34.6% to Adnoc, which along with B Investments’ 6.38% stake and the affiliated vehicle’s 9% would result in a 50-50 ownership between the two companies. B Investments ultimately favored an exit, waiving its right of first refusal instead of pre-empting Adnoc’s bid to buy the 34.6% stake TEMA had on offer. The two had been in negotiations over the bid over the past few months.

What they said: “We’re very glad we’ve concluded our second exit for the year after our exit from Giza Systems, which proves the value we are able to create for our assets and our shareholders,” El Labban told us.

IN OTHER M&A NEWS-

Oriental Weavers welcomes new shareholder … kind of: Yasmine and Farida Khamis, the two daughters of the late Oriental Weavers chairman Mohamed Khamis, have transferred their combined 24.61% stake in the company to FYK Limited, a newly-established company also owned by the two sisters. The EGP 1.38 bn transaction is part of a restructuring of their investments, according to three separate EGX disclosures (here, here, and here — pdfs).

Keeping it in the family: FYK Limited is fully owned by the two sisters, the company’s IR head told Al Borsa.