Abu Dhabi-based electrical equipment manufacturer Electra InvestmentHolding has gotten the regulatory nod to acquire a 24.5% stake in Egypt’s Elsewedy Electric from Egypt’s Financial Regulatory Authority yesterday, according to a statement (pdf) from the authority. Electra will pay USD 1.05 a pop — marking a premium to Elsewedy Electric’s Wednesday share price of EGP 44.3, and giving the transaction a value of USD 560 mn.

What’s next? Elsewedy Electric will need to tap a financial advisor and clarify the board’s decision within the next 15 days, according to the statement. The share sale will be conducted via the special operations market (OPR) within the next 20 days.

ICYMI- Electra submitted a voluntary purchase offer for up to a 24.5% stake in Elsewedy Electric last week, with the intention of acquiring at least 15% of the company for USD 1.05 per share. The Elsewedy family currently holds over 68% of the company’s shares.

Advisors: EFG Hermes is Electra’s sole financial advisor for the transaction, an informed source told Enterprise.

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