Egypt has also seen a flurry of M&A activity this year — further cementing its position as a key player in the global acquisitions landscape. Government-led transactions made headlines this year, with Egypt Post acquiring EGP 8.9 bn worth of stakes from the National Investment Bank in seven EGX-listed companies. But the bulk of acquisitions occurred in the private sector, which we break down for you below.

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YEAR-DEFINING M&AS-

The year was abuzz with M&A activity, but only a few transactions earned the title of being year-defining — those include:

#1- Philip Morris snapped up minority stake in Eastern Company: US-based tobacco giant Philip Morris International acquired an indirect 14.7% stake in state-owned cigarette maker Eastern Company in May.

#2- Shakeup at CIRA: CIRA Education’s majority shareholder Social Impact Capital earned the Financial Regulatory Authority’s green light to acquire up to an additional 48.78% of CIRA through a mandatory tender offer. SIC has offered to purchase some 284.3 mn of CIRA’s shares at EGP 15 a piece putting the transaction’s value at EGP 4.26 bn. SIC currently holds a 51.2% stake in the country’s leading private education company.

#3- B Investments acquired 70% of Orascom Financial Holding through a share swap after owners of some 3.3 bn shares responded to B Investments’ MTO for up to 90% of OFH.

#4- Bidder for Raya Foods: Raya Holding approved and initially accepted Africa-focussed and London-based PE outfit Helios Investment Partners’ USD 40 mn bid for 49% of subsidiary Raya Foods. Last we heard Raya Holding has tapped Attijariwafa Bank as its financial advisor and Baker McKenzie as its legal counsel for the transaction.

ALSO FROM RAYA- Raya Holding sold a 42.9% stake in Raya Data Centers to African infrastructure investment platform Africa50 for USD 15 mn.

#5- NYSE-listed AngloGold Ashanti acquired Centamin, gaining ownership of the Centamin-run Sukari mine in Egypt, one of the world’s largest gold mines.

#6- Bisco Misr is getting a new majority shareholder after American cereal and snack maker Kellanova agreed to sell its entire majority stake in Egypt’s largest biscuit company to UAE-based business conglomerate Hayel Saeed Anam Group. The transaction is expected to close within weeks, according to Al Borsa.

WE CAN EXPECT MORE TRANSACTIONS IN 2025-

We’re still waiting on Arla: Denmark’s Arla Foods submitted a non-binding offer to acquire up to 100% of EGX-listed dairy company Domty in a transaction that valued the company at some USD 183 mn. Last we heard, Arla was given the go-ahead by Domty’s board to conduct due diligence.

Stay on the lookout for: Clothing manufacturer T&C Garments plans to offer 20-25% of the company’s shares to foreign investment funds, the company’s chairman told Al Arabiya back in January. There haven’t been any updates on the sale since.

AND- Earlier this month, Axa Egypt and Morocco’s Wafa Assurance each registered theirinterest through non-binding offers to buy up to 100% of Egypt Kuwait Holding (EKH) subsidiary Delta Ins.’ shares through mandatory purchase offers.

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