MBH advises PIF on mandatory takeover offer
Matouk Bassiouny & Hennawy advised the Saudi Public Investment Fund (PIF) in connection with Social Impact Capital’s (SIC) acquisition of an additional 37.5% stake in Egyptian private education service provider CIRA Education.
The deal
The transaction, accounting for a total value of EGP 3.4 billion, was accorded via a successful mandatory takeover offer (MTO), with SIC being set to raise its stake in the company from the previous 51.2%, to 88.7%.
The offer follows a binding agreement with investor Afaq Al Elm, a subsidiary of the Saudi Egyptian Investment Company (SEIC). SEIC is also a subsidiary company itself, as it was launched by PIF in 2022 to increase the fund’s presence in Egypt. This tangentially connects PIF to the larger context of the acquisition deal.
For EGX listed CIRA, the proceeds from PIF’s investment will bolster presence and initiative across the region.
The team
Founding partner and group head of corporate and M&A Omar S. Bassiouny (pictured) led the MBH team on behalf of PIF for the transaction, with further support from senior associate Fatma Akram , as well as associates Habiba Mohamed and Mohamed Akram.
