{"id":543861,"date":"2022-02-22T03:54:45","date_gmt":"2022-02-22T03:54:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/goldman-sachs-to-advise-efg-on-bid-by-fab-board-okays-start-of-due-diligence\/"},"modified":"2022-02-22T03:54:45","modified_gmt":"2022-02-22T03:54:45","slug":"goldman-sachs-to-advise-efg-on-bid-by-fab-board-okays-start-of-due-diligence","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/goldman-sachs-to-advise-efg-on-bid-by-fab-board-okays-start-of-due-diligence\/","title":{"rendered":"Goldman Sachs to advise EFG on bid by FAB, board okays start of due diligence"},"content":{"rendered":"

<\/a> Goldman Sachs and law firm White & Case will advise EFG Hermes\u2019 board of directors on a takeover bid by First Bank of Abu Dhabi<\/strong> (FAB), EFG said in a regulatory filing (pdf)<\/a> that confirmed reports earlier this week<\/a> that it was planning to tap the international investment bank.<\/p>\n

T<\/strong>he board also gave the go ahead for FAB to conduct due diligence on EFG<\/strong>, pending approval from regulatory bodies, the disclosure said.<\/p>\n

EFG will also hire an independent financial advisor will be hired to prepare a fair value study<\/strong> if the UAE lender decides to submit a mandatory offer, EFG\u2019s board agreed.<\/p>\n

FAB\u2019s advisors:<\/strong> Rothschild & Co is providing financial advice to FAB, while Matouk Bassiouny & Hennawy are its local counsel.<\/p>\n

A recap of the offer:<\/strong> The Emirati lender announced<\/a> in February its offer to buy at least 51% of EFG in a transaction valued approximately at EGP 18.5 bn, which would make it one of Egypt\u2019s biggest acquisitions in recent years. FAB is reportedly considering raising its offer<\/a> depending on the results of the due diligence process. The bid for EFG draws a clear line under the attractive fundamentals not just of the country\u2019s leading financial services corporation, but of Egypt as a destination for foreign direct investment.<\/p>\n

ALSO FROM EFG-<\/strong><\/p>\n

Transmar signs USD 25 mn financing agreement with EFG Hermes for new <\/strong>vessel:<\/strong> Transmar, an IACC subsidiary and Egypt\u2019s home-grown container shipping line, has signed a USD 25 mn agreement with EFG Hermes Corp-Solutions to finance the purchase of a new cargo vessel, EFG said yesterday in a statement (pdf)<\/a>.<\/a> Dubbed the Transmar Legacy, the new vessel will cost USD 33 mn, and it is set to operate primarily between Egypt and Saudi Arabia, according to the statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs and law firm White & Case will advise EFG Hermes\u2019 board of directors on a takeover bid by First Bank of Abu Dhabi (FAB), EFG said in a regulatory filing (pdf) that confirmed reports earlier this week that it was planning to tap the international investment bank. The board also gave the go […]<\/p>\n","protected":false},"author":1,"featured_media":543862,"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":[84,1017,72,882,260,7128,1018],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-efg-hermes","tag-efg-hermes-corps-solutions","tag-enterpriseam","tag-first-abu-dhabi-bank","tag-goldman-sachs","tag-ma-watch","tag-white-case","wpautop","entry"],"acf":{"mongo_id":"919906b6-cca3-4193-bd32-2f8ebc3594d5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/313.jpg","photo_position":"above","related_issue":[543857],"teaser":"","voice_url":""},"yoast_head":"\nGoldman Sachs to advise EFG on bid by FAB, board okays start of due diligence - 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\/22\/goldman-sachs-to-advise-efg-on-bid-by-fab-board-okays-start-of-due-diligence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs to advise EFG on bid by FAB, board okays start of due diligence\" \/>\n<meta property=\"og:description\" content=\"Goldman Sachs and law firm White & Case will advise EFG Hermes\u2019 board of directors on a takeover bid by First Bank of Abu Dhabi (FAB), EFG said in a regulatory filing (pdf) that confirmed reports earlier this week that it was planning to tap the international investment bank. 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Plus: Old Mutual has competition for Lekela stake.","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"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\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\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543691,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/efg-looks-to-hire-advisers-for-fab-acquisition-bid\/","url_meta":{"origin":543861,"position":1},"title":"EFG looks to hire advisers for FAB acquisition bid","author":"enterpriseam admin","date":"14 February 2022","format":false,"excerpt":"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\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":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":543861,"position":2},"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":639087,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/22\/adnoc-to-list-shares-on-adx-efg-hermes-involved\/","url_meta":{"origin":543861,"position":3},"title":"ADNOC to list shares on ADX, EFG Hermes involved","author":"enterpriseam admin","date":"22 October 2017","format":false,"excerpt":"IPO WATCH- EFG Hermes gets a piece of ADNOC\u2019s ADX IPO: Abu Dhabi National Oil Company (ADNOC) is planning to issue shares in its gas stations unit this year on the Abu Dhabi Stock Exchange, Bloomberg reports. Sources said that \u201cGoldman Sachs Group Inc., Morgan Stanley and EFG-Hermes are helping\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":543628,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/","url_meta":{"origin":543861,"position":4},"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":571404,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/fab-completes-due-diligence-on-bank-audi-egypt-acquisition-now-finalizing-its-offer\/","url_meta":{"origin":543861,"position":5},"title":"FAB completes due diligence on Bank Audi Egypt acquisition, now finalizing its offer","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"M&A WATCH- FAB completes due diligence on Bank Audi Egypt: First Abu Dhabi Bank (FAB) has completed due diligence on Bank Audi\u2019s Egypt arm and now finalizing its offer, a banking official with knowledge of the matter told Al Shorouk. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543861","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=543861"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543861\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543862"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543861"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543861"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}