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GCC entities explore takeover of Egypt’s Amoun

GCC entities explore takeover of Egypt’s Amoun

ArabFinance: Saudi Arabia’s Public Investment Fund and UAE-based ADQ are jointly considering the acquisition of Egypt’s Amoun Pharmaceutical Company, a subsidiary of Bausch Health, Bloomberg cited sources familiar with the matter.

The two state-run funds also held talks to work closely on different transactions in other segments, including food security, health care, and industrials, according to the sources.

“A representative for ADQ wasn’t available to comment. The PIF and Bausch declined to comment. A spokesperson for Amoun didn’t answer two calls, or respond to a text message seeking comment,” Bloomberg stated.

Last October, ADQ was reportedly exploring the purchase of Amoun to expand the former’s portfolio of healthcare investments. The sale deal back then was going to reach at least $700 million (EGP 10.94 billion).

The UAE firm recently invested $1 billion (EGP 15.64 billion) in Abu Dhabi-based Lulu International Holdings’ business expansion in Egypt.

 

*At press time, the conversion rate is $1 = EGP 15.64

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