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Egypt’s M&A landscape was marked by a high-volume of smaller-value transactions last year, with inbound cross-border transactions driving much of the activity, according to Baker Mckenzie’s latest report(pdf).
The number of transactions rose 27.3% y-o-y, totaling 177 in 2024, while the combined transaction value was down 14.2% y-o-y to USD 3.4 bn — likely as a direct fallout from the float of the EGP, Managing Partner at Helmy, Hamza & Partners, Baker McKenzie Cairo Mohamed Ghannam said.
The average ticket size shrank to USD 20.5 mn in 2024, down from USD 30.4 mn 2023. September was the busiest month of the year in terms of volume (29 transactions), while June topped the list in terms of value (USD 961 mn).
Cross-border activity drove much of the momentum. The rise in total transaction count was driven by both a 25% uptick in cross-border M&As (105) and a 31% increase in domestic transactions (72). However, in terms of value, domestic transactions saw a 61% y-o-y drop clocking in at USD 727 mn, while cross-border M&As totaled USD 2.8 bn, up from USD 2.3 bn in 2023.
UAE players were the most active foreign buyers of Egyptian companies in 2024, closing 15 transactions, followed by the US (10) and Saudi Arabia (8). Inbound transactions dominated the country’s cross-border M&A scene last year with 89 transactions worth USD 2 bn. The material industry captured most of this volume with 14 transactions, followed by the financial sector (13) and the advanced tech sector (10). In terms of value, the energy and power sector was crowned king with transactions worth USD 1 bn.
Saudi Arabia emerged as a top destination for Egypt’s outbound M&A investments, with five transactions closed last year, followed by Jordan (3) and the UAE (3). Within outbound flows, the financial sector led in terms of transaction volume (5), while real estate dominated in terms of value, with agreements totaling USD 828 mn. Outbound transactions accounted for only 15% of Egypt’s aggregate cross-border transactions with 16 M&As totaling USD 835 mn in 2024.
Bucking the trend globally: The global M&A transaction count was down by 13.7% y-o-y last year. Transaction value saw a 9.7% y-o-y increase in value, as investors prioritize larger, big-ticket sales.
Regionally, it was a different story: The Middle East saw a 9% y-o-y dip in transaction count during 2024 to 1.2k, while transaction value was mostly unchanged y-o-y at USD 87.2 bn.
