Two of the biggest Middle Eastern sovereign wealth funds, Saudi Arabia’s Public Investment Fund (PIF) and ADQ, are exploring a joint bid for an Egyptian pharmaceutical company, Amoun, people close to the deal revealed to Bloomberg.
Amoun is the Cairo-based drug unit of the American Canadian-based multinational Bausch Health. The two funds have held private negotiations to work closely on other transactions in areas such as food security, healthcare and industrials. ADQ has been holding talks to acquire Bausch’s Egyptian pharmaceutical arm which could be valued at around $700 million. Negotiations are still ongoing.
Gulf states have been buying overseas farmlands and investing in agricultural technology. During the pandemic, through ADQ, the UAE has been pushing efforts by acquiring a stake in agricultural trader Louis Dreyfus Co. and investing in Lulu Hypermarket Group’s expansion into Egypt. The PIF is said to be weighing an investment into the same supermarket chain operator.
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