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Hassan Allam to buy governing stake in PGESCo

Hassan Allam to buy governing stake in PGESCo

Cairo: Hassan Allam Holding is involved in negotiations to acquire a governing stake in Power Generation Engineering and Services Company (PGESCo).

Sources told Al Mal newspaper that Matouk Bassiouny Independent Law Firm Company acts as the legal advisor to the purchaser while White & Case LLP International Law Firm is the legal advisor to the seller. So far, no financial advisors on the deal have been appointed.

It should be recalled that, at the end of 2013, SaudConsult, one of Saudi Arabia’s largest engineering firms, and both BPE Power Ltd. and BPE Investments Ltd. acquired 40% stake of PGESCo with Saud Consult acquiring 20% stake, and BPE Power and BPE Investments together acquiring the remaining 20%.

BPE Power and BPE Investments are investment vehicles managed by BPE Partners, formerly known as Beltone Private Equity.

BPE Partners and other shareholders expressed initial agreement on the takeover offer, the sources said, adding that in case of completing the buyout, it will be financed through internal financial resources.

PGESCo provides engineering, procurement, project and site management services to electric power plants. PGESCo has completed over 30,000 Mega Watts (MW) of electric power plant capacity.

Source: Al-Mal Newspaper 

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