Get All Access for $5/mo

Egypt's EFG Hermes Receives Non-Binding Offer For Acquisition Of A Majority Stake From First Abu Dhabi Bank EFG Hermes Holding has announced that it has received a non-binding offer from First Abu Dhabi Bank for a potential cash acquisition of a majority stake.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

EFG Hermes

EFG Hermes Holding, the leading financial services corporation in frontier emerging markets, has announced that it has received a non-binding offer from First Abu Dhabi Bank (FAB), one of UAE's leading banks, for a potential cash acquisition of a majority stake, of not less than 51% of the issued shares of the company at an indicative purchase price of EGP19 per share.

According to the release, the transaction's completion and final purchase price are conditional following the completion of a satisfactory comprehensive due diligence on the company, as well as the receipt of the required regulatory approvals. After which, a mandatory tender offer will be made to all shareholders of the company, in accordance with market rules.

Related: Follow The Leader: Karim Awad, Group CEO, EFG Hermes

With EFG Hermes' market value of over US$970 million, the offer is an indication on EFG Hermes' expertise in regional and international markets, as well as strong management team, corporate governance, and brand equity.

Rothschild is said to be advising on the deal, according to Reuters, making it its second major transaction in Egypt after it acquired the Egyptian business of Lebanon's Bank Audi in 2021.

Related: EFG Hermes Completes Successful Advisory Of ACWA Power's US$1.2 Billion Listing On Saudi Stock Exchange, Tadawul

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Legal

The 10 Key Legal Documents for Your Business

Entrepreneurs are not paperwork-sorts of people but some things just have to be written down and signed.

Side Hustle

'I Just Hustled': She Earned More Than $300,000 Wrapping Gifts Last Year — and It All Started With a Side Hustle

When Michelle Hensley lost her husband to cancer, she needed to figure out how to earn an income for her family.

Marketing

How to Meet Customers At Their Pain Points

The more you know why something's a pain point, the more you can tailor your marketing solutions.

Thought Leaders

How to Identify the Pain Points That Make Customers Decide What They're Going to Buy

To know your prospects' emotional buying decisions and their pain points is to know success.

Side Hustle

At Age 15, He Used Facebook Marketplace to Start a Side Hustle — Then It Became Something Much Bigger: 'Raised Over $1.6 Million'

Dylan Zajac, now a 21-year-old senior at Babson College, wanted to bridge the digital divide.