Electra Investment Holding Purchases 20% Stake in Elsewedy Electric

Electra Investment Holding Purchases 20% Stake in Elsewedy Electric

By Staff Writer, 10 July 2024

Electra Investment Holding, a prominent Abu Dhabi-based manufacturer of electrical equipment, has acquired a substantial stake in Egypt's Elsewedy Electric. According to an EGX bulletin, Electra purchased 427.7 million shares, amounting to approximately 20% of Elsewedy Electric. The transaction, valued at approximately USD 449.1 million based on a price of USD 1.05 per share, underscores Electra's strategic move into one of Egypt's leading electrical engineering firms.

This acquisition aligns closely with Electra's earlier intentions, outlined in a voluntary offer made in May, which aimed to secure between 15% and 24.5% of Elsewedy Electric. The company, predominantly owned by the Elsewedy family with a collective ownership of over 76%, has seen Electra steadily increase its holdings since receiving regulatory approval in early June.

EFG Hermes served as Electra's exclusive financial advisor throughout the transaction, while BDO Keys Financial Consulting provided advisory services to Elsewedy Electric. Legal counsel for Electra was handled by MHR & Partners in association with White & Case, highlighting the comprehensive approach taken in this significant investment move.

Source: Enterprise

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