MB Engineering-led consortium acquired 51% in Maven Cables

MB Engineering-led consortium snaps up 51% of Maven Cables: A consortium led by industrial outfit MB Group subsidiary MB Engineering has acquired 51% of local electric cables and building wires manufacturer and local property developer Tabarak Developments subsidiary Maven Cables in a EGP 105 mn transaction, advisor Synergy Capital Managing Director Mohamed Seddiek told Enterprise, adding color to disclosures from the buyers (pdf) and advisor (pdf).

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Who gets what? The majority stake is evenly split between MB Engineering and the rest of the consortium, according to Seddiek. Maven is now an MB Engineering subsidiary, with MB Engineering taking over Maven’s management, monetary and operational policies.

Remember: We first heard that MB Engineering was gearing up to submit a mandatory tenderoffer for a controlling stake in an unnamed industrial company last month.

Where’s the money going? The consortium will invest EGP 102 mn in the company’s working capital, which is poised to bring the company’s total enterprise value to EGP 297 mn.

Advisors: Synergy Capital was the transaction’s sole financial advisor, while Eagle Advisors served as the transaction’s independent financial advisor.