{"id":577379,"date":"2022-11-21T04:00:07","date_gmt":"2022-11-21T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/gb-auto-okays-mnt-stake-sale-after-accepting-fair-value-study\/"},"modified":"2022-11-21T04:00:07","modified_gmt":"2022-11-21T04:00:07","slug":"gb-auto-okays-mnt-stake-sale-after-accepting-fair-value-study","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/gb-auto-okays-mnt-stake-sale-after-accepting-fair-value-study\/","title":{"rendered":"GB Auto okays MNT stake sale after accepting fair value study"},"content":{"rendered":"

<\/a> GB Auto approves MNT stake sale: <\/strong>GB Auto\u2019s board has greenlit plans to sell a 7.5% stake in MNT Investments to Abu Dhabi-based investment firm Chimera Investments after approving the results of a fair value study (pdf)<\/a>, it said in an EGX disclosure (pdf)<\/a> yesterday.<\/p>\n

ICYMI-<\/strong> The Netherlands-incorporated fintech \u2014 majority-owned by GB Auto subsidiary GB Capital \u2014 agreed last month<\/a> to sell a 21.7% stake to Chimera in a transaction that would value the company USD 800 mn.<\/p>\n

Chimera\u2019s bid now looks generous:<\/strong> Alpha Capital\u2019s fair value study puts MNT\u2019s equity value at around EGP 17 bn (c. USD 691.9 mn). GB Auto will sell a 7.5% stake in MNT to Chimera for USD 60 mn with an earnout component that could reach USD 71.3 mn. By our math, Chimera\u2019s offer values MNT at USD 800 mn, a 15.6% premium to the fair value study \u2014 and that\u2019s excluding the earnout.<\/p>\n

Who else is selling?<\/strong> We\u2019re still not sure who of MNT\u2019s other investors are selling shares to Chimera. Among the company\u2019s shareholders are our friends at both Africa-focused private equity firm Development Partners International and Apis Partners.<\/p>\n

Remember: Chimera is also buying <\/strong>a 45% stake in GB Capital\u2019s leasing arm<\/a>.<\/p>\n

What\u2019s MNT?<\/strong> MNT is the parent company of asset-based lender Mashroey<\/a> and microfinance player Tasaheel<\/a>, and also holds a stake in tuk-tuk ride sharing, delivery, and microfinance business Halan<\/a>.<\/p>\n

Advisors:<\/strong> Arqaam Capital is sell-side financial advisor to GB Auto, while White & Case is international legal counsel and Matouk Bassiouny local legal counsel. Adsero \u2014 Ragy Soliman & Partners is local counsel to Chimera, while Shearman & Sterling is doing international duties.<\/p>\n","protected":false},"excerpt":{"rendered":"

GB Auto approves MNT stake sale: GB Auto\u2019s board has greenlit plans to sell a 7.5% stake in MNT Investments to Abu Dhabi-based investment firm Chimera Investments after approving the results of a fair value study (pdf), it said in an EGX disclosure (pdf) yesterday. ICYMI- The Netherlands-incorporated fintech \u2014 majority-owned by GB Auto subsidiary […]<\/p>\n","protected":false},"author":1,"featured_media":577380,"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":[2078,72,241,7128,10519],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-chimera-investments","tag-enterpriseam","tag-gb-auto","tag-ma-watch","tag-mnt","wpautop","entry"],"acf":{"mongo_id":"deae9350-49c0-4806-bb74-9686cac30fa3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/319.jpg","photo_position":"above","related_issue":[577368],"teaser":"","voice_url":""},"yoast_head":"\nGB Auto okays MNT stake sale after accepting fair value study - 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\/11\/21\/gb-auto-okays-mnt-stake-sale-after-accepting-fair-value-study\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GB Auto okays MNT stake sale after accepting fair value study\" \/>\n<meta property=\"og:description\" content=\"GB Auto approves MNT stake sale: GB Auto\u2019s board has greenlit plans to sell a 7.5% stake in MNT Investments to Abu Dhabi-based investment firm Chimera Investments after approving the results of a fair value study (pdf), it said in an EGX disclosure (pdf) yesterday. 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\u2014 which is majority-owned by GB Auto subsidiary GB Capital \u2014 agreed to sell a 21.7% stake to a unit of Chimera Investments, GB Auto said in an EGX disclosure (pdf) on Thursday.The sellers: GB Auto is selling a 7.5%\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\/10\/370.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577989,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/chimera-completes-acquisition-of-mnt-stake-from-gb-auto\/","url_meta":{"origin":577379,"position":1},"title":"Chimera completes acquisition of MNT stake from GB Auto","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"CONSTRUCTION-Egypt-based Engineering Consultants Group (ECG) was awarded a contract to design a multi-purpose hall for Saudi mega city Neom, according to its website.COMMODITIES- Bidding in cooking complex tender wraps: Seven local and international companies bid in the Supply Ministry\u2019s tender for three new cooking oil complexes, Al Borsa reported Maj.\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578516,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/gb-auto-agrees-to-sell-45-of-its-leasing-business-to-chimera-investments\/","url_meta":{"origin":577379,"position":2},"title":"GB Auto agrees to sell 45% of its leasing business to Chimera Investments","author":"enterpriseam admin","date":"3 January 2023","format":false,"excerpt":"GB Auto approves GB Lease stake sale: GB Auto\u2019s board has approved plans to sell a 45% stake in GB Lease to our friends at Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn, after approving the results of a fair value study (pdf), the company said in an\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\/2023\/1\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578230,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/","url_meta":{"origin":577379,"position":3},"title":"Abu Dhabi\u2019s Chimera Investments to acquire 45% of GB Lease","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Chimera to acquire 45% of GB Lease: GB Capital has agreed to sell a 45% stake in GB Lease to our friends at Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn, parent company GB Auto said in an EGX disclosure (pdf) yesterday. GB Capital will retain the remaining\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\/12\/418.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578992,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/gb-capital-sells-a-45-stake-in-gb-lease-to-chimera-investments\/","url_meta":{"origin":577379,"position":4},"title":"GB Capital sells a 45% stake in GB Lease to Chimera Investments","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"It\u2019s official: Chimera to acquire 45% of GB Lease: GB Capital has finalized an agreement to indirectly sell 45% of its leasing business, GB Lease, to our friends at Chimera Investments for EGP 855 mn, parent company GB Auto said in an EGX disclosure(pdf) Thursday. This comes two weeks after\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\/2023\/1\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565466,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/gb-auto-subsidiary-sells-5-stake-in-mashroey-tasaheels-mnt-investments\/","url_meta":{"origin":577379,"position":5},"title":"GB Auto subsidiary sells 5% stake in Mashroey, Tasaheel\u2019s MNT Investments","author":"enterpriseam admin","date":"11 April 2021","format":false,"excerpt":"GB Auto is selling down its indirect stake in Netherland-based subsidiary MNT Investments to unnamed foreign investors in a EGP 352.7 mn transaction, it said in a statement (pdf). Under an agreement with \u201ccertain foreign investment funds,\u201d a GB subsidiary will sell a 5% stake in MNT Investments. The sale\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\/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\/577379","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=577379"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577379\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577380"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577379"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577379"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}