Egytrans completed its acquisition of 99.9% of the National Transport and Overseas Services Company (Nosco), marking the first reverse merger on the Egyptian Stock Exchange through a share swap, the local logistics leader said in a statement (pdf) on Thursday. Egytrans’ takeover of the trucking firm had been in the works since at least March 2023 but was pushed back at least twice due to delayed legal procedures.

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The details: The acquisition was conducted through a swap of one Egytrans share for 0.0447 shares of Nosco, which resulted in an increase of Egytrans’s total capital to approximately EGP 224.9 mn. The final ownership structure of the merged entity is 70.2% for Egytrans shareholders and 29.8% for Nosco shareholders, according to the fair value determined by independent financial advisor Archer Financial Consulting.

Egytrans’ Abir Leheta will be CEO of shared services for the merged entity, while Nosco’s Mohamed Nadim will be CEO for commercial affairs and operations. Maged Shawky will continue as chairman.

What they said: “Nosco brings long-standing expertise in project logistics and land transport, which complements Egytrans’ diversified platform — enabling new solutions and services within Egypt and beyond and supporting growth rates above market averages,” said Leheta.

ADVISORS- Catalyst Partners acted as the investment bank and financial advisor for the transaction. Zaki Hashem & Partners provided counsel for the transaction, while Al Tamimi & Company provided counsel on Egyptian Competition Authority requirements. Beltone Securities Brokerage executed the transaction.

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