Hassan Allam acquires 60% of PGESCO in EGP 421 mn transaction

M&A WATCH- Hassan Allam Holding has reportedly acquired 60% of the Power Generation Engineering and Services Company (PGESCo) for EGP 421 mn, BPE Partners Chairman Hazem Barakat tells Al Mal. The company acquired the stake from existing shareholders including CIB (20%), Saud Consultants (20%), BPE Power (15%) and BPE Partners (5%). Matouk Bassiouny was tapped by Hassan Allam to advise on the transaction, while White and Case LLP advised the shareholders, according to Barakat. The Electricity Ministry is said to hold a 40% stake in PGESCo.