{"id":554321,"date":"2021-12-29T04:03:20","date_gmt":"2021-12-29T04:03:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/a-solid-year-for-ma\/"},"modified":"2021-12-29T04:03:20","modified_gmt":"2021-12-29T04:03:20","slug":"a-solid-year-for-ma","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/a-solid-year-for-ma\/","title":{"rendered":"A solid year for M&A"},"content":{"rendered":"

<\/a> It wasn\u2019t \u201cThe Year of M&A,\u201d but there was plenty of action and drama.<\/strong> After two years of y-o-y growth in the number of M&As announced and concluded, 2021 saw a drop in numbers and values of tie-ups compared to the 2020 and 2019.<\/p>\n

A total of 76 tie-ups with Egypt involvement were announced this year<\/strong>, including domestic, inbound and outbound transactions. All numbers in this story are based on our internal Enterprise M&A Tracker, which we maintain throughout the year.<\/p>\n

Some 38 transactions closed this year<\/strong>, eight of them tie-ups that had been announced in 2020 and the rest agreements that were announced and closed this year. The completion rate on this year\u2019s planned transactions stands at around 40%, down from 56% in 2020 \u2014 and way down from 2019\u2019s c.80% completion rate.<\/p>\n

Six M&As were scrapped altogether<\/strong>, out of the 76 tie-ups that were announced throughout the whole year. By our count, there are some 46 transactions that are either still in the works, are pending regulatory approval, or appear to have stalled somewhere along the way.<\/p>\n

The Transaction of the Year?<\/strong> It\u2019s a tie-up between Emirati real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ\u2019s snap-up of 85.5% of SODIC<\/a>, and EFG Hermes and the Sovereign Fund of Egypt finally closing their acquisition<\/a> of a combined 76% stake in the Arab Investment Bank.<\/p>\n

EFG Hermes officially became a universal bank with its acquisition of the Arab Investment Bank<\/strong>, with its Egyptian operations now including an investment bank, a commercial bank and a fast-growing non-bank financial services platform. And while the transaction is huge for EFG as an institution, it\u2019s also big news for Egypt\u2019s banking sector, as it marked the first privatization in the sector since the 2006 sale of an 80% stake<\/a> in Bank of Alexandria to Intesa Sanpaolo.<\/p>\n

SODIC\u2019s sale to the Aldar \/ ADQ consortium was the largest-ever M&A and case of foreing direct investment in Egypt\u2019s real estate market<\/strong>, bringing in EGP 6.1 bn in an all-cash transaction. Notably, the acquisition acts as Aldar\u2019s entry point into our real estate market, with the Emirati giant signaling<\/a> that it\u2019s assessing several other possible ventures in Egypt.<\/p>\n

The reworked transaction of the year:<\/strong> Vodafone Group\u2019s sale of Vodafone Egypt. After the London-based mother company\u2019s planned USD 2.4 bn sale of Vodafone Egypt to Saudi Telecom went bust at the tail-end of 2020, Vodafone PLC transferred its 55% stake in Vodafone Egypt to its South Africa unit, Vodacom, in a EUR 2.72 bn transaction last month<\/a>.<\/p>\n

The big bust of 2021: The mega-merger between Cleopatra Hospitals Group and Alameda Healthcare<\/strong>, which had appeared<\/a> to be in the clear at the end of 2020, but the agreement was terminated<\/a> in May of this year. Neither side would speak on why the tie-up fell through, saying only that it wasn\u2019t a regulatory issue. The Egyptian Competition Authority had previously warned it wasn\u2019t particularly inclined to approve the merger<\/a>, but insiders at both companies tell us that ultimately had nothing to do with the tie-up falling through.<\/p>\n

NEW TREND of the year:<\/strong> Startups are now acquiring other early-stage companies, as we noted in our What\u2019s Next vertical<\/a>. The trend holds up both here and abroad: Some 268 venture-backed US companies acquired peers in the first seven months of this year, while local startups are increasingly moving towards consolidation thanks to record levels of financing, overcrowding in some sectors, and newfound IPO prospects.<\/p>\n

For a handful of potential M&A, the competition was hotter than an early-August day:<\/strong> Chief among those is the protracted bidding war over Alex Medical, which saw not one, not two, not three, but eight companies and consortiums signaling their interest in acquiring a stake in the healthcare provider. One by one, a handful of Alex Medical\u2019s suitors began pulling<\/a> (or threatening to pull<\/a>) their offers to acquire up to 100% of the company. Time of death hasn\u2019t been called on the transaction just yet, with Cleopatra Hospitals Group, the UAE\u2019s Global One Healthcare, Nile Misr, Seha Capital, and the Tawasol Holdings-LimeVest consortium still reportedly in the battle.<\/p>\n

The vast majority of M&A was either between local players or inbound acquisitions.<\/strong> 16 announced transactions were inbound, while 10 transactions were outbound. The remaining transactions were all domestic.<\/p>\n

By number of transactions, healthcare and banking \/ financial services were still the prime drivers<\/strong> of announced M&A activity in the year now ending. Taking a wide view of industry classifications:<\/p>\n

Top industries for M&A in 2021, by volume:<\/strong> Healthcare is at the top of the game, closing the year with 13 M&As, with Integrated Diagnostics Holdings\u2019 planned acquisition<\/a> of 50% of Islamabad Diagnostic Center putting it one spot ahead of banking \/ financial services, which had 12 M&As announced this year. The runners-up: energy (6), transport and logistics (6), and fintech (4).<\/p>\n

That\u2019s a shift from 2020<\/strong>, when the number of banking and financial services M&As was almost double those in the healthcare industry. But still, they retain the top two positions.<\/p>\n

Top industries for M&A in 2021, by value (EGP):<\/strong> Energy \/ oil and gas (EGP 12.2 bn), followed by real estate (EGP 6.3 bn) healthcare (5.48 bn) and banking \/ financial services EGP (3.98 bn).<\/p>\n

Top financial advisors in 2021, by volume:<\/strong> CI Capital and EFG Hermes \u2014 both of which had solid showings in 2021 \u2014 were neck-and-neck this year for the title of top financial advisors. EFG was tapped to quarterback five M&As announced this year, while CI Capital ran four. Notably, the two investment banks were financial advisors on the Aldar \/ ADQ takeover of SODIC, with CI Capital advising the Emirati consortium and EFG advising the sell-side. EFG is also advising the selling shareholder in IDH\u2019s acquisition of IDC. Arqaam Capital follows, with two of 2021\u2019s M&As in its pipeline.<\/p>\n","protected":false},"excerpt":{"rendered":"

It wasn\u2019t \u201cThe Year of M&A,\u201d but there was plenty of action and drama. After two years of y-o-y growth in the number of M&As announced and concluded, 2021 saw a drop in numbers and values of tie-ups compared to the 2020 and 2019. A total of 76 tie-ups with Egypt involvement were announced this […]<\/p>\n","protected":false},"author":1,"featured_media":554322,"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":[9267],"tags":[215,2336,3148,136,192,84,72,7128,312,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-in-review-ma-2","tag-aldar-properties","tag-alexandria-medical-services","tag-arab-investment-bank","tag-ci-capital","tag-cleopatra-hospitals-group","tag-efg-hermes","tag-enterpriseam","tag-ma-watch","tag-sodic","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"db1dc8a7-f010-4c1e-a656-a4b11bb806fa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/544.jpg","photo_position":"above","related_issue":[554311],"teaser":"","voice_url":""},"yoast_head":"\nA solid year for M&A - 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\/2021\/12\/29\/a-solid-year-for-ma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A solid year for M&A\" \/>\n<meta property=\"og:description\" content=\"It wasn\u2019t \u201cThe Year of M&A,\u201d but there was plenty of action and drama. 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With the headwinds presented by an exceptional spread between official and parallel market exchange rates for most of the year, last year was never going to be the same type of banner year for Egyptian merger, acquisition and initial public\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":568444,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/a-boom-year-for-ma\/","url_meta":{"origin":554321,"position":2},"title":"A boom year for M&A","author":"enterpriseam admin","date":"30 December 2020","format":false,"excerpt":"Buyers and sellers looked past covid-19 and the depressed public market valuations that accompanied it to announce 110 M&As in 2020, up from 80 the year before (+38%). Oddly enough, that correlates nicely with 2015, which we declared \u201cThe Year of M&A\u201d as 39 transactions were concluded even as the\u2026","rel":"","context":"In "YEAR IN REVIEW: M&A"","block_context":{"text":"YEAR IN REVIEW: M&A","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-ma-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/497.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615131,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/13\/mena-ma-activity-was-up-just-4-in-value-terms-last-year\/","url_meta":{"origin":554321,"position":3},"title":"MENA M&A activity was up just 4% in value terms last year","author":"enterpriseam admin","date":"13 February 2024","format":false,"excerpt":"Despite all the turmoil, regional M&A activity was up fractionally last year: MENA closed mergers and acquisitions worth USD 86 bn in 2023, up 4% from the year before despite regional tension and global economic uncertainty, writes EY in its 2023 MENA M&A Insights update. Tech transactions led the pack,\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1049.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621738,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypt-ma-activity-up-almost-4x-to-usd-1-5-bn-so-far-this-year-but-still-pales-compared-to-recent-high-water-mark-in-2013\/","url_meta":{"origin":554321,"position":4},"title":"Egypt M&A activity up almost 4x to USD 1.5 bn so far this year, but still pales compared to recent high water mark in 2013","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"Egypt M&A activity up almost 4x to USD 1.5 bn so far this year: Some 14 transactions have seen total M&A activity in Egypt of USD 1.5 bn year-to-date in 2018 according to Mergermarket (pdf). Last year, companies closed some 10 transactions worth just USD 389 mn. Energy, mining and\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\/2018\/11\/2057.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":660550,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/13\/egypts-ma-market-logs-more-transactions-but-with-smaller-checks-in-2024\/","url_meta":{"origin":554321,"position":5},"title":"Egypt\u2019s M&A market logs more transactions, but with smaller checks in 2024","author":"enterpriseam admin","date":"13 February 2025","format":false,"excerpt":"The energy and power sector dominated big-ticket sales, racking up USD 1 bn in transactions","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\/2024\/12\/1709.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554321","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=554321"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554321\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554322"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554321"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554321"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}