{"id":92588,"date":"2024-05-31T00:00:00","date_gmt":"2024-05-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/electra-gets-regulatory-greenlight-to-acquire-egypts-elsewedy-electric\/"},"modified":"2024-05-31T00:00:00","modified_gmt":"2024-05-31T00:00:00","slug":"electra-gets-regulatory-greenlight-to-acquire-egypts-elsewedy-electric","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/31\/electra-gets-regulatory-greenlight-to-acquire-egypts-elsewedy-electric\/","title":{"rendered":"Electra gets regulatory greenlight to acquire Egypt\u2019s Elsewedy Electric"},"content":{"rendered":"

Abu Dhabi-based electrical equipment manufacturer <\/strong>Electra Investment<\/a><\/strong>Holding<\/a><\/strong> has gotten the regulatory nod to acquire a <\/strong>24.5% stake<\/a><\/strong> in Egypt\u2019s Elsewedy Electric<\/strong> from Egypt\u2019s Financial Regulatory Authority yesterday, according to a statement (pdf)<\/a> from the authority. Electra will pay USD 1.05 a pop \u2014 marking a premium to Elsewedy Electric\u2019s Wednesday share price of EGP 44.3, and giving the transaction a value of USD 560 mn.<\/p>\n

What\u2019s next? <\/strong>Elsewedy Electric will need to tap a financial advisor and clarify the board\u2019s 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.<\/span><\/p>\n

ICYMI- <\/strong>Electra submitted a voluntary purchase offer for up to a 24.5% stake in Elsewedy Electric last week<\/a>, 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\u2019s shares.<\/p>\n

Advisors: <\/strong>EFG Hermes is Electra\u2019s sole financial advisor for the transaction, an informed source told Enterprise.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elsewedy Electric will need to tap a financial advisor and clarify the board\u2019s decision within the next 15 days<\/p>\n","protected":false},"author":1,"featured_media":92589,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2392],"tags":[23,1344,60,64],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-egypt","tag-ma","tag-ma-watch","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"914af8b6-3889-4ba0-ab86-05ae2d13ddde","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1213.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Electra gets regulatory greenlight to acquire Egypt\u2019s Elsewedy Electric","related_issue":[92578],"teaser":"Elsewedy Electric will need to tap a financial advisor and clarify the board\u2019s decision within the next 15 days","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.4b0addde-56de-4122-bd1d-6dc5e97b0840.mp3"},"yoast_head":"\nElectra gets regulatory greenlight to acquire Egypt\u2019s Elsewedy Electric - 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