NIB shelves plans to acquire Nilesat stake

M&A WATCH- Government-owned National Investment Bank (NIB) has decided to shelve plans to acquire a 40.06% stake in the Egyptian Satellite Company (Nilesat), Al Mal reports, citing unnamed sources. NIB’s decision followed The National Media Authority (NMA)’s objection to the transaction last month. Source say NIB had acted unilaterally on the agreement and moved forward with obtaining the Egyptian Financial Supervisory Authority (EFSA)’s approval for the transaction prior to notifying either Nilesat or NMA. EFSA had also exempted NIB from presenting a mandatory tender offer for the remaining shares of the company.