EGX-listed Raya Holding’s board approved an updated offer from Africa-focused private equity outfit Helios Investment Partners to fully acquire Raya Foods, according to an EGX filing (pdf). Shareholders will be able to evaluate the offer once the independent financial advisor determines a fair value for Raya Foods and board-quarterbacked negotiations wrap up.

REFRESHER- The initial bid sought a 49% stake for USD 40 mn and was made up of a secondary purchase, a capital increase, and a mezzanine loan convertible to equity, valuing the company at USD 65 mn. Helios then followed up with a second bid, the terms and value of which have yet to be disclosed. Financial Advice Corporate Transactions is the independent financial advisor on the transaction.

Market reax: Raya Holding’s stock rose 4.33% yesterday to close at EGP 3.37.

Why it matters: Raya Foods bills itself as the nation’s second-largest exporter of frozen vegetables, exporting to the UK, Germany, and the Gulf. It’s also a big exporter of fruit ranging from strawberries to grapes and mangoes.

BACKGROUND- Helios flagged plans last year to deploy up to USD 250 mn across acquisitions here at home, spanning consumer, fintech, and digital assets. In September, the PE firm secured preliminary board approval to acquire 75-80% of Telecom Egypt’s Regional Data Hub, a data center platform valued at USD 230-260 mn, as part of a wider push into digital infrastructure.

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