M&A WATCH- Tawassol for Public Relations acquired 100% of television network Al Hayat in a EGP 1.4 bn transaction, Al Mal reports. Tawassol is owned by security company Falcon Group. Al Hayat’s debts surpassed EGP 1 bn during the past period, and held on to only EGP 700k out of EGP 91 mn in advertisement revenues during Ramadan, with the remainder being directed towards debt services, network owner Al Sayed Al Badawi said, according to the newspaper. The television broadcaster’s financial troubles came to the fore in July, when the Egyptian Media Production City decided to cut off services provided to the network due to the latter’s failure to make good on EGP 20 mn in overdue payments. CI Capital was financial advisor on the transaction.

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