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Foreign companies to hike 2018's acquisitions to $4.2bln in Egypt

Foreign companies to hike 2018's acquisitions to $4.2bln in Egypt

Cairo: Foreign companies acquired notably bigger chunk of Egyptian peers last year, as Baker McKenzie has estimated that foreign companies stepped up their acquisitions in the Egyptian market by 150% to USD1.5bn in 2017 up from USD550mln the year earlier.

Baker McKenzie's report predicted the pace of foreign acquisition to accelerate this year by 180% to USD4.2bn, citing a 50% devaluation of the Egyptian companies in terms of the US dollar denomination on the back of the EGP retreating to 18 against the US dollar down from 7.

Among major deals inked last year are those of Cairo A three taking over the National Company for Maize Products, Intro Group acquiring TBS, and Responsibility Fund acquiring Fawry E-Payment Company.

Source: Al-Mal Newspaper  

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