Africa-focused investment firm Development Partners International (“DPI”) sold its 34% minority stake in consumer electronics and household appliances retailer B.TECH to Saudi Egyptian Investment Company (“SEIC”), The Saudi Public Investment Fund (“PIF”)’s Egyptian investment arm.
For DPI: White & Case acted as its international counsel alongside Matouk Bassiouny & Hennawy (“MBH”) and Zulficar and Partners as local legal counsels. PWC acted as sell-side financial advisors, while Arqaam Capital acted as the M&A advisor.
The MBH team advising on the transaction was led by Muhammed Nassef (partner, pictured right) and included Omar Adel (senior associate), Hassan Mohamed (senior associate), Laila Khattab (associate) and Lina Raouf (associate).
The White & Case team in London which advised on the transaction was led by partner Ken Barry and included partner Will Smith and associates Oji Adoh, Charlotte Deans and Peter North.
For PIF: Akin Gump acted as its international counsel alongside Adsero-Ragy Soliman and Partners as local legal counsel. EFG Hermes acted as M&A advisor.
Adsero legal team was led by Ragy Soliman (managing partner and co-head of m&a and capital markets, pictured left), Ahmed Abdelgawad (partner and co-head of m&a and capital markets), assisted by Ibrahim ElGengehy (counsel), associates Farida Banany and Yomna Taha, and junior associates Soha Hussein and Farida Koura.