SaudConsult and Beltone Private Equity to Acquire Stake in Egypt-based PGESCo (MENA)

Source: Power Generation Engineering and Services Company

Saudi Arabia-based engineering firm SaudConsult and BPE Power and BPE Investments, two investment funds managed by Beltone Private Equity (BPE), an affiliate of Egypt-based Beltone Financial Holding, have concluded an agreement to acquire 40 percent of Egypt-based Power Generation Engineering and Services Company (PGESCo), a provider of engineering, procurement, project and site management services to electric power plants. SaudConsult will acquire a 20 percent stake, while BPE Power and BPE Investments together will acquire the remaining 20 percent. PGESCo, which has over 19,000 MW of electric power plant capacity and over 11,000 MW of ongoing projects in Egypt, Libya and Iraq, intends to use the capital injection for new projects in Saudi Arabia and other Gulf Cooperation Council countries.