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Wednesday, 8 February 2023

B Investments finalizes exit from TotalEnergies Egypt

BPE Partners’ B Investments has completed the sale of its entire 6.38% stake in TotalEnergies Egypt to TotalEnergies Marketing Afrique (TEMA) for USD 27.6 mn, the company said in an EGX disclosure (pdf). The transaction 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. The two transactions could bring in an additional USD 5.5 mn combined for the sellers if Abu Dhabi National Oil Company for Distribution (Adnoc) succeeds in closing its acquisition of a 50% stake in TotalEnergies Egypt.

Where does the Adnoc transaction stand? Adnoc’s distribution arm is set to finalize its 50% acquisition of TotalEnergies Egypt by the end of 1Q, we’re told.

REMEMBER- B Investments has big plans for the proceeds: The company intends to direct some of the proceeds of its exits from TotalEnergies Egypt and Giza Systems towards EGP 2 bn worth of investments in the healthcare and food sectors this year, including through a new health investment partnership with the Sovereign Fund of Egypt.

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