Cairo - Decypha: The following is a summary of the mergers and acquisition activity in the MENA region, during the week of 4th of May 2017 to 10th of May 2017.
AXA Egypt
CEO of AXA Egypt, Gilbert Chahine, announced that the company is acquiring a 10% stake in International Finance Corporation (IFC). The deal is pending approval, which is expected to be within this quarter.
Emaar Properties
UAE’s Emaar Properties has received an acquisition offer from Blackstone Group, for 40% of its entertainment division. Emaar is in a negotiation phase and is yet to confirm a decision. The whole entertainment division is valued at $2 billion.
International Financial Investments
International Financial Investments has confirmed its offer to Misr Financial Investments for the acquisition of its stake the National Company for Maize Products. The offer is still under negotiation.
Future Media and Telecommunications Group
Egypt’s Future Media and Telecommunications Group announced in a statement that the merger deal between its CBC platform and its competitor Al Nahar will be terminated. The statement cited differences in visions and management policies as the main reasons behind the termination.
Bahrain Mumtalakat Holding
The Bahrain Mumtalakat Holding Company has acquired a minority stake in Germany’s Axtmann Aviation Holding (AAH).
National Company for Glass Industries
The National Company for Glass Industries (Zoujaj) announced an increase in its capital to SAR 329 million from SAR 300 million. The move is for the acquisition of a stake in two firms, Eastern Company for Industrial Investment in Saudi Guardian International Glass Company and Guardian Zoujaj International Float Glass Company. Zoujaj intends to acquire 10% of each company.
By Decypha Editorial Team
