MM Group backs out of acquiring Alturki Holding subsidiaries

M&A WATCH- MM Group backs out of acquiring Alturki Holding subsidiaries: MM Group has decided not to move forward with a planned acquisition of 100% of three subsidiaries of Alturki Holding, MM said in a regulatory filing with the EGX on Monday (pdf). MM Group had signed a letter of intent back in March with Alturki to acquire 100% of Itisalat International Egypt (i2), United Retail Company (URC), and DTR Trading. MM Group and Alturki scrapped the transaction by “mutual agreement,” according to the statement.