{"id":657223,"date":"2024-12-17T00:00:00","date_gmt":"2024-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/pif-backed-sic-gets-green-light-to-acquire-up-to-100-of-cira-education\/"},"modified":"2024-12-17T00:00:00","modified_gmt":"2024-12-17T00:00:00","slug":"pif-backed-sic-gets-green-light-to-acquire-up-to-100-of-cira-education","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/pif-backed-sic-gets-green-light-to-acquire-up-to-100-of-cira-education\/","title":{"rendered":"PIF-backed SIC gets green light to acquire up to 100% of CIRA Education"},"content":{"rendered":"

FRA greenlights SIC bid for up to 100% of CIRA: <\/strong>The Financial Regulatory Authority (FRA) has approved CIRA Education majority shareholder Social Impact Capital\u2019s (SIC) mandatory tender offer<\/a> to acquire up to an additional 48.78% of CIRA, the authority said in a disclosure (pdf)<\/a> yesterday. <\/p>\n

It\u2019s all part of the PIF\u2019s plan to acquire CIRA and use it as a regional platform: <\/strong>The Saudi Egyptian Investment Company \u2014 a wholly-owned subsidiary of the Public Investment Fund \u2014 said in May<\/a> that it would buy into SIC. SIC used the cash injection to launch its mandatory tender offer for the rest of CIRA\u2019s shares.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Remember: <\/strong>SIC has offered to purchase some 284.3 mn of CIRA\u2019s shares at EGP 15 a piece putting the transaction\u2019s value at EGP 4.26 bn. SIC currently holds a 51.2% stake in the country\u2019s leading private education company. <\/p>\n

A tempting offer: <\/strong>SIC\u2019s offer of EGP 15.00 per share represents a 21.8% premium on CIRA\u2019s average share price of EGP 12.32 over the three months leading up to when SIC submitted its offer, and a 9.9% premium on its average share price of EGP 13.65 over the six-month period leading up to the offer. <\/p>\n

What\u2019s next for CIRA? <\/strong>If the mandatory tender offer is successful, SIC plans to delist CIRA Education from the EGX, with the founding El Kalla family expected to remain invested in the company and our friend Mohamed El Kalla staying on as CEO to lead the company\u2019s regional growth.<\/p>\n

Post-acquisition plans: <\/strong>SIC plans to enhance the quality of education offered at CIRA schools, open up a number of universities in partnership with local and foreign players, and expand regionally \u2014 all within a year of the acquisition.<\/p>\n

The transaction was nearly two years in the making<\/strong>, a source with first-hand knowledge of events told us earlier this year<\/a>, but it took the float of the EGP this spring and CIRA\u2019s clear ambition to become a regional player in education to bring it home. PIF is known to be exceptionally rigorous in its investment decision making process, employing top advisors to make certain that it invests only in companies with clear growth prospects that fit the fund\u2019s mandate to grow Saudi and regional champions.<\/p>\n

ADVISORS<\/strong>:<\/strong> Our friends at EFG Hermes are brokering the transaction and Matouk Bassiouny & Hennawy is buy-side legal counsel.<\/p>\n

\n

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

Axa Egypt and Morocco\u2019s Wafa Assurance\u2019s bid for Delta Ins. is moving forward <\/strong>after the FRA gave it the greenlight to begin its due diligence, it said in an EGX disclosure (pdf)<\/a>. Axa Egypt and Wafa Assurance earlier this month registered their interest<\/a> through non-binding offers to buy up to 100% of the Egypt Kuwait Holding (EKH) subsidiary. <\/p>\n

The offers:<\/strong> Both Axa and Wafa Assurance value Delta\u2019s shares at an initial price of EGP 50 a pop, bringing the total value of a purchase of 100% of the company\u2019s shares to EGP 5 bn. <\/p>\n","protected":false},"excerpt":{"rendered":"

SIC\u2019s offer represents a 21.8% premium on CIRA\u2019s average share price over the three months ending on 4 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