UAE's Abraaj buys Egypt's EFC for $1.41 bn
Dubai-based private equity firm Abraaj Capital has acquired the Egyptian Fertilizers Company (EFC) in a deal valued at 1.41 billion dollars.
By Agencies |
DUBAI: Dubai-based private equity firm Abraaj Capital has acquired the Egyptian Fertilizers Company (EFC) in a deal valued at 1.41 billion dollars.
The 100 percent leveraged buyout of Egypt's largest private sector fertilizer manufacturer and exporter is the biggest private equity acquisition in the Middle East and North Africa, the company said in a statement.
Deutsche Bank provided the finance for the takeover, it added.
"The acquisition of EFC exemplifies our confidence in Egypt's increased attractiveness as an investment destination," said Sheikh Abdulrahman Ali al-Turki, chairman of Abraaj Capital, which currently manages assets worth more
than four billion dollars.
EFC was established in 1998 as a free-zone joint stock company in the Northwestern Suez Economic Zone, near Egypt's Sokhna Port. It operates two factories with 600 staff.
The 100 percent leveraged buyout of Egypt's largest private sector fertilizer manufacturer and exporter is the biggest private equity acquisition in the Middle East and North Africa, the company said in a statement.
Deutsche Bank provided the finance for the takeover, it added.
"The acquisition of EFC exemplifies our confidence in Egypt's increased attractiveness as an investment destination," said Sheikh Abdulrahman Ali al-Turki, chairman of Abraaj Capital, which currently manages assets worth more
than four billion dollars.
EFC was established in 1998 as a free-zone joint stock company in the Northwestern Suez Economic Zone, near Egypt's Sokhna Port. It operates two factories with 600 staff.
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