Mondi completes Suez Bags acquisition

M&A WATCH- Mondi completes Suez Bags acquisition. The EGX announced on Thursday that Mondi Paper Sales completed its acquisition of Suez Bags, having bought 7.23 mn shares at EGP 26.01 per share in a EGP 188.1 mn transaction, Al Mal reports, citing a bourse statement. The offer price valued the company as EGP 284 mn. The Financial Regulatory Authority had signed off in June on Mondi’s mandatory tender offer to acquire 70.1% of Suez Bags (or 7,666,435 shares). EFG Hermes was sell-side advisor for Suez Cement Co. and Tourah Portland Cement Co., the primary selling shareholders, with Zulficar & Partners acting as legal advisor to the sellers. Pharos had been tapped to act as the broker for the MTO while Zaki Hashem & Partners acted as Mondi’s local counsel.