EFG Hermes appointed Goldman Sachs as a financial advisor on the First Abu Dhabi Bank’s (FAB) offer to acquire a majority stake.
Earlier this month, FAB valued EFG Hermes at EGP 18.5 billion and set an estimated purchase price of 19 pounds per share, which means that the value of the acquisition deal is at least 51%, and amounts to almost 9.5 billion EGP (which accounts to almost 603.5 million dollars).
The non-binding offer for a minimum of 51% of the outstanding share capital of EFG Hermes, is subject to due diligence and regulatory approvals from the relevant authorities in Egypt and the UAE.
Also read: Zain approves PIF-led consortium to acquire 80% stake
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