Egyptian Media Production City acquires 97.5% of Arab Hotel Company

M&A WATCH- Media Production City increases holdings in Arab Hotel Company: State-owned Egyptian Media Production City (EMPC) has acquired a 97.55% stake in the Arab Hotel Company, by purchasing the shares of five other entities, the company said in an EGX filing (pdf). EMPC bought out other state-owned entities including National Bank of Egypt, Banque Misr, Misr Insurance, Misr Life Insurance, and Arab Contractors. The filing did not disclose the value of the transaction. EMPC’s board had greenlit talks to acquire the Arab Hotel Company from Arab Contractors in July of last year. The company last bought 67% of Arab Contractors’ stake in the hotel last month.