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Enmaa successfully closes Egypt fund sale

Enmaa Financial Services, an Egypt based financial services and consulting firm specialising in mid-market cross-border acquisition and divestiture advisory services, announced its successful management of the sale of OrasInvest to one of the largest Private Equity funds in the UAE.

  • Staff Report
  • Published: 23:41 January 11, 2009
  • Gulf News

Dubai: Enmaa Financial Services, an Egypt based financial services and consulting firm specialising in mid-market cross-border acquisition and divestiture advisory services, announced its successful management of the sale of OrasInvest to one of the largest Private Equity funds in the UAE.

The transaction, a leveraged buyout worth 995 million Egyptian pounds ($180 million, Dh650.43 million), was signed in November 2008. Enmaa served as the sole financial adviser to Orascom Telecom.

Enmaa began soliciting bids for OrasInvest in March 2008. Enmaa's co-founder and managing director Ala'a Al Deen Rady, who was the lead advisor to Orascom Telecom Holding (OTH), said the firm vetted six final bids from prominent private equity funds and strategic investors.

"We had to be smart about this sale and, given the dismal state of the global economy, we had to do extra work to mitigate the risks," Rady notes. "But we found a competitive buyer and we closed the deal."

The buyer has agreed to pay 496 million Egyptian pounds in cash. The remainder is to be held in the form of interest-bearing promissory notes that will come due 12 months after execution. The transaction will generate a capital gain of $175 million.

The transaction team was led by Rady and was supported by Ahmad Magdeldin, vice-president, Enmaa Financial Services.

The sale marks the second transaction Enmaa completed since its inception in 2007. Enmaa has handled a series of assignments, including advising the General Authority of Civil Aviation in Saudi Arabia on its privatisation programme.

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