German Ottobock eyes 20% stake in Orthomedics Egypt

M&A WATCH- German prosthetics company Ottobock is looking to purchase 20% of local producer Orthomedics Egypt, the local press reports. Orthomedics Chairman Khaled El Deeb said negotiations are on track and an agreement will likely be reached before the end of the year. El Deeb noted that the company’s capital is around EGP 200 mn pounds, with annual sales of around 50 mn. Orthomedics Egypt is planning to offer 49% of its shares in an IPO by 2022, the proceeds of which would be used to finance a planned EGP 20 mn factory in Katameya.