Electra now owns 20% of Egypt’s Elsewedy Electric: Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding acquired 427.7 mn shares — or around a 20% stake — of Egypt’s Elsewedy Electric, according to an EGX bulletin(pdf). Electra paid USD 1.05 per share, putting the transaction’s value at some USD 449.1 mn, according to our math.

The stake is in the mid-range of what Electra was shooting for: The voluntary offer submitted by Electra in May targeted a 15-24.5% stake in Elsewedy Electric, which is over 76% collectively owned by the Elsewedy family.

Remember: Electra has been purchasing shares in Elsewedy Electric since early June after receiving the regulatory greenlight to move forward with its offer.

Advisors: EFG Hermes was Electra’s sole financial advisor, while BDO Keys FinancialConsulting was Elsewedy Electric’s financial advisor. MHR & Partners in association with White & Case were Electra’s legal advisors on the transaction.

OTHER M&A NEWS-

The Ras Al Khaimah government raised its stake in RAK Properties to 34%, up from 5%, after receiving final approvals from the Securities and Commodities Authority, according to a press release.

BACKGROUND- Earlier in March, the developer’s board greenlit a capital increase of AED 920 mn through the issuance of 920 mn new shares to up the government’s stake.

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