EFG, GEMS JV acquires majority stake in Egypt’s Option Travel

M&A WATCH- EFG, GEMS JV acquires majority stake in Egypt’s Option Travel: GEMS Egypt for Education Services, a joint fund between EFG Hermes’ Egypt Education Fund and Gems Education, has completed the acquisition of a majority stake in leading transportation provider Option Travel, EFG said in a press release (pdf). There was no mention of the transaction’s value or the exact size of the stake. The proceeds raised the company’s capital to finance its core activities, and will be used to launch at a later stage a transport service provider specialized in catering to students, primarily those enrolled in the fund’s schools. GEMS Egypt, which was established in 2018, is focused on K-12 education in Egypt. Its investments in Egypt’s education sector are expected to reach USD 300 mn by 2023.