UAE’s ADQ finalizes $800M deal to acquire stakes in state-owned Egyptian firms

Updated 11/1/2023 7:14:00 AM
UAE’s ADQ finalizes $800M deal to acquire stakes in state-owned Egyptian firms

Arab Finance: Abu Dhabi’s sovereign wealth fund ADQ has signed final contracts worth $800 million with The Sovereign Fund of Egypt (TSFE) to acquire stakes in three state-owned oil and petrochemical firms, Al Borsa News reported, citing sources familiar with the matter.

Under the deal, ADQ acquired a 25% stake in the Egyptian Drilling Company (EDC), a 30% stake in the Egyptian Ethylene and Derivatives Company (Ethydco), and a 35% stake in Egyptian Linear Alkyl Benzene (Elab).

Matouk Bassiouny and Hennawy was the legal counsel of the transaction for the buyer, while Baker McKenzie acted as the legal advisor for the seller.

The Egyptian government previously announced exiting from state assets worth up to $1.9 billion.

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