{"id":543691,"date":"2022-02-14T03:52:04","date_gmt":"2022-02-14T03:52:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/efg-looks-to-hire-advisers-for-fab-acquisition-bid\/"},"modified":"2022-02-14T03:52:04","modified_gmt":"2022-02-14T03:52:04","slug":"efg-looks-to-hire-advisers-for-fab-acquisition-bid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/efg-looks-to-hire-advisers-for-fab-acquisition-bid\/","title":{"rendered":"EFG looks to hire advisers for FAB acquisition bid"},"content":{"rendered":"

<\/a> E<\/strong>FG Hermes is looking to appoint <\/strong>an international financial advisor and an <\/strong>Egyptian law f<\/strong>irm to advise on First Abu Dhabi Bank\u2019s acquisition offer<\/strong>, the leading financial services corporation announced yesterday in an EGX<\/a>disclosure<\/a>(pdf)<\/a>. EFG\u2019s board of directors held a meeting on Thursday to discuss the possible transaction and hiring the as-yet-unnamed advisors, the disclosure said, without providing further details.<\/p>\n

FAB\u2019s offer:<\/strong> In what would be the country\u2019s biggest acquisition in years, the Emirati lender last week announced it had offered to purchase at least 51% of EFG<\/a> in a transaction that would value the firm at EGP 18.5 bn. By comparison, the Aldar \/ ADQ acquisition of SODIC<\/a> valued the upmarket realtor at EGP 7.1 bn. Rothschild & Co is providing financial advice to FAB, while Matouk Bassiouny & Hennawy are the lender\u2019s local legal advisors.<\/p>\n

FAB could raise its offer price <\/strong>due to \u201cthe prominence of EFG Hermes, its financial position, and its strategic role in the financial markets in Egypt and the region,\u201d Al Shorouk<\/a> reported, citing unnamed sources it claims have knowledge of the matter. The bank has offered to purchase the shares for EGP 19.00 apiece, a 21% premium on EFG\u2019s closing share price the day before the announcement.<\/p>\n

EFG\u2019s share price has been on the rise since FAB announced its offer<\/strong>, gaining another 0.6% on the EGX yesterday to close at EGP 17.80.<\/p>\n

FAB\u2019s potential acquisition of EFG Hermes is a top priority for the bank\u2019s board<\/strong> this year, and they would be willing to raise their offer based on the outcome of the due diligence process, according to the unidentified sources.<\/p>\n

FAB eyes more Egyptian investments this year: <\/strong>The UAE bank is reportedly looking into more potential investments in the Egyptian market, and will be making decisions soon, the sources said, adding that FAB is particularly interested in listed companies, tech companies, and non-banking financial firms. Management has a strategic plan to consolidate upcoming Emirati investments in Egypt by ensuring that transactions are concluded through the bank and its subsidiaries, the sources reportedly added.<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes is looking to appoint an international financial advisor and an Egyptian law firm to advise on First Abu Dhabi Bank\u2019s acquisition offer, the leading financial services corporation announced yesterday in an EGXdisclosure(pdf). EFG\u2019s board of directors held a meeting on Thursday to discuss the possible transaction and hiring the as-yet-unnamed advisors, the disclosure […]<\/p>\n","protected":false},"author":1,"featured_media":543692,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[204,84,72,882,7128,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-banking","tag-efg-hermes","tag-enterpriseam","tag-first-abu-dhabi-bank","tag-ma-watch","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"e5f0842e-f8fe-4bbe-ae01-41a01dc21e33","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/183.jpg","photo_position":"above","related_issue":[543685],"teaser":"","voice_url":""},"yoast_head":"\nEFG looks to hire advisers for FAB acquisition bid - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/efg-looks-to-hire-advisers-for-fab-acquisition-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG looks to hire advisers for FAB acquisition bid\" \/>\n<meta property=\"og:description\" content=\"EFG Hermes is looking to appoint an international financial advisor and an Egyptian law firm to advise on First Abu Dhabi Bank\u2019s acquisition offer, the leading financial services corporation announced yesterday in an EGXdisclosure(pdf). 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FAB has persevered with the acquisition process despite the covid-19\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543804,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/is-goldman-sachs-being-tapped-to-advise-efg-on-fabs-acquisition-bid-plus-old-mutual-has-competition-for-lekela-stake\/","url_meta":{"origin":543691,"position":1},"title":"Is Goldman Sachs being tapped to advise EFG on FAB\u2019s acquisition bid? 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USD 1.2 bn), the Emirati bank announced in a disclosure (pdf) to\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/136.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565536,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/","url_meta":{"origin":543691,"position":3},"title":"EFG board greenlights Arab Investment Bank acquisition","author":"enterpriseam admin","date":"14 April 2021","format":false,"excerpt":"EFG Hermes and the Sovereign Fund of Egypt are getting closer to acquiring a combined 76% stake in the Arab Investment Bank after EFG Hermes\u2019 board of directors approved the acquisition and a fair value assessment at a meeting yesterday, it said in an EGX disclosure (pdf). SFE CEO Ayman\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/420.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543876,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/last-nights-talk-shows-efg-hermes-and-due-diligence-on-nbfs-acquisitions-ukraine\/","url_meta":{"origin":543691,"position":4},"title":"Last Night\u2019s Talk Shows: EFG Hermes and due diligence on NBFS acquisitions + Ukraine","author":"enterpriseam admin","date":"22 February 2022","format":false,"excerpt":"There was a fair amount of business news on the airwaves last night, triggered by new rules on non-bank acquisitions and FAB\u2019s bid for EFG Hermes. First Abu Dhabi Bank\u2019s acquisition offer was likely an incentive for the Financial Regulatory Authority to announce that approval from the authority would soon\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576396,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/efg-hermes-sfe-to-complete-due-diligence-on-aib-in-february-sources\/","url_meta":{"origin":543691,"position":5},"title":"EFG Hermes, SFE to complete due diligence on AIB in February -sources","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt (SFE) will complete due diligence on the Arab Investment Bank (AIB) by February 2021 ahead of a potential acquisition of a 76% stake in the state-owned bank, Masrawy reports, citing unnamed banking sources familiar with the matter. SFE CEO Ayman\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543691"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543691\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543692"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543691"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543691"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}