• EFG Hermes acted as sole financial advisor to EKH on the Delta Insurance sale, highlighting regional investor interest in Egypt.
• Wafa Assurance acquired 97.9% of Delta Insurance via a mandatory tender offer, with total consideration reaching USD 103 million.
• The deal underscores consolidation trends in Egypt’s insurance sector and EFG Hermes’ leadership in connecting MENA investors with opportunities.
  

EFG Hermes

EFG Hermes, an EFG Holding company and MENA investment bank, acted as the sole financial advisor to Egypt Kuwait Holding (EKH), the majority shareholder of Delta Insurance Company. This is on the EGP 5.0 billion mandatory tender offer (MTO) by Wafa Assurance to acquire up to 100% of Delta Insurance. 

The transaction involved a mandatory tender offer (MTO) by Wafa Assurance, the Moroccan insurance subsidiary of Attijariwafa Bank.  Moreover, the total consideration for Delta Insurance was USD 103 million.

“We are proud to have advised EKH on this strategic monetization transaction. The deal demonstrates our ability to deliver high-value advisory services and reinforces Egypt’s appeal to international investors, as witnessed in such a competitive bidding process,” said Maged El Ayouti, Co-Head of Investment Banking at EFG Hermes.

Insurance Sector

The deal structure included the sale of EKH’s 63.4% stake, with Wafa Assurance ultimately acquiring 97.9% of Delta Insurance via the MTO. The transaction reinforces the consolidation trend in Egypt’s insurance sector. Additionally, it also enhances regional investor confidence in the sector. 

It is worth noting on a broader perspective EFG Hermes’ activity in the MENA region.  Year-to-date, It has advised on 8 M&A deals, 11 debt capital market transactions, and 10 equity capital market transactions. FurtherThe transactions and deals took place across Saudi Arabia, the UAE, Oman, and Egypt. These activities highlight its role in connecting international and regional investors with opportunities across the MENA region.