{"id":543804,"date":"2022-02-20T04:25:45","date_gmt":"2022-02-20T04:25:45","guid":{"rendered":"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\/"},"modified":"2022-02-20T04:25:45","modified_gmt":"2022-02-20T04:25:45","slug":"is-goldman-sachs-being-tapped-to-advise-efg-on-fabs-acquisition-bid-plus-old-mutual-has-competition-for-lekela-stake","status":"publish","type":"post","link":"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\/","title":{"rendered":"Is Goldman Sachs being tapped to advise EFG on FAB\u2019s acquisition bid? Plus: Old Mutual has competition for Lekela stake."},"content":{"rendered":"

<\/a> EFG Hermes plans to pick Goldman Sachs to advise shareholders on First <\/strong>Abu Dhabi Bank\u2019s <\/strong>(FAB) acquisition bid<\/strong>, Bloomberg<\/a> reported over the weekend, quoting sources familiar with the matter. Goldman ranked first for transaction advisory services in the Middle East last year, according to Bloomberg data.<\/p>\n

EFG Hermes said it was looking to appoint an international financial advisor <\/strong>last week<\/a><\/strong>, along with an Egyptian law firm, to advise on FAB\u2019s acquisition offer. Meanwhile, FAB has tapped Rothschild & Co as its financial advisor, while Matouk Bassiouny & Hennawy are the lender\u2019s domestic legal advisors.<\/p>\n

Let\u2019s recap on FAB\u2019s offer: <\/strong>In what would be the country\u2019s biggest acquisition in years, the Emirati lender announced earlier this month<\/a> that it had made a non-binding offer to purchase at least 51% of EFG in a transaction that would value the firm at EGP 18.5 bn. 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 shares have surged almost 15% since the offer was made<\/strong>, closing at EGP 18.10 on Thursday. FAB could raise its offer price 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 last week, citing unnamed sources it claimed have knowledge of the matter.<\/p>\n

EFG\u2019s top shareholders include<\/strong> French bank Natixis (12.2%) and Emirati investment firm RA MENA Holdings (11.7%). The firm\u2019s ESOP program holds a 5.2% stake. Almost 53% of the firm is in the hands of very diverse group of investors from major institutions to domestic retail investors, the majority of whom do not meet the 5% threshold for publicly declaring their ownership.<\/p>\n

IN OTHER M&A NEWS-<\/strong><\/p>\n

Old Mutual unit has competition for controlling stake in Lekela Power: <\/strong>South African mining firm Exxaro<\/a> and Chinese state fund CNIC are among the final bidders in the running for Actis\u2019 60%\u2019 stake in Lekela Power, Reuters<\/a> reports, citing sources it says are familiar with the matter. African Infrastructure Investment Managers \u2014 a unit of Pan-African financial services outfit Old Mutual that was last week reported<\/a> to be vying for the stake \u2014- has also advanced to the final round and is currently seen as the frontrunner, the sources told Reuters.<\/p>\n

Could a 60% acquisition become a 100% acquisition? <\/strong>Lekela\u2019s other investor, Mainstream Renewable Power, is also looking to exit, Reuters reports. It had previously been reported that Mainstream was interested in buying Actis out of the renewables firm, which the two firms founded in 2015.<\/p>\n

Lekela has a presence in Egypt<\/strong>, Ghana, South Africa, and Senegal and has been valued at more than USD 2 bn. The renewables company inaugurated<\/a> its USD 350 mn, 250 MW wind farm in West Bakr last November, and said in 2020<\/a> that it would funnel most of its investments to Egypt in \u201cthe coming period.\u201d<\/p>\n

ALSO- Pharma manufacturer <\/strong>Adwia<\/a><\/strong> is looking at an acquisition<\/strong>, company head Mohamed Khattab<\/a>was quoted as saying by Al Borsa, without disclosing the identity of the company. Negotiations should be finalized in March, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes plans to pick Goldman Sachs to advise shareholders on First Abu Dhabi Bank\u2019s (FAB) acquisition bid, Bloomberg reported over the weekend, quoting sources familiar with the matter. Goldman ranked first for transaction advisory services in the Middle East last year, according to Bloomberg data. EFG Hermes said it was looking to appoint an […]<\/p>\n","protected":false},"author":1,"featured_media":543805,"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":[851,204,84,72,882,260,921,7128,883,427,9606],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adwia","tag-banking","tag-efg-hermes","tag-enterpriseam","tag-first-abu-dhabi-bank","tag-goldman-sachs","tag-lekela-power","tag-ma-watch","tag-matouk-bassiouny-hennawy","tag-pharma","tag-rothschild-co","wpautop","entry"],"acf":{"mongo_id":"7930b05c-8650-45aa-ae77-0991be2b63bf","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/268.jpg","photo_position":"above","related_issue":[543800],"teaser":"","voice_url":""},"yoast_head":"\nIs Goldman Sachs being tapped to advise EFG on FAB\u2019s acquisition bid? Plus: Old Mutual has competition for Lekela stake. - 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\/20\/is-goldman-sachs-being-tapped-to-advise-efg-on-fabs-acquisition-bid-plus-old-mutual-has-competition-for-lekela-stake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Goldman Sachs being tapped to advise EFG on FAB\u2019s acquisition bid? Plus: Old Mutual has competition for Lekela stake.\" \/>\n<meta property=\"og:description\" content=\"EFG Hermes plans to pick Goldman Sachs to advise shareholders on First Abu Dhabi Bank\u2019s (FAB) acquisition bid, Bloomberg reported over the weekend, quoting sources familiar with the matter. 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EFG\u2019s board of directors held a meeting on Thursday to discuss the possible transaction and hiring\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\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543628,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/","url_meta":{"origin":543804,"position":2},"title":"First Abu Dhabi Bank makes play for EFG Hermes","author":"enterpriseam admin","date":"10 February 2022","format":false,"excerpt":"First Abu Dhabi Bank wants EFG Hermes: First Abu Dhabi Bank (FAB) has offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. 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":561827,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/","url_meta":{"origin":543804,"position":3},"title":"FAB begins share transfer in Bank Audi acquisition","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"First Abu Dhabi Bank (FAB) has begun the share transfer process in its acquisition of 100% of Bank Audi\u2019s Egypt operations, FAB said in astatement (pdf). Once the share transfer is complete, FAB will begin merging the assets and operations of both Bank Audi Egypt and FAB Egypt, with the\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\/2021\/4\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544245,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/tonight-efg-hermes-greenlights-fab-due-diligence-appoints-goldman-to-advise-jordan-pm-covid-positive-following-business-talks-in-cairo-another-day-another-scandal-at-credit-suisse\/","url_meta":{"origin":543804,"position":4},"title":"TONIGHT: EFG Hermes greenlights FAB due diligence + appoints Goldman to advise; Jordan PM covid positive following business talks in Cairo; Another day, another scandal at Credit Suisse.","author":"enterpriseam admin","date":"21 February 2022","format":false,"excerpt":"We really can\u2019t seem to a catch a break from the barrage of news that 2022 is throwing our way: We have another update on the potentially huge acquisition of EFG Hermes by First Abu Dhabi bank while more pieces are falling into place ahead of this year\u2019s COP27 summit\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":543804,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543804","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=543804"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543804\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543800"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543805"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543804"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543804"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}