The Abraaj Group Agrees to Acquire Cairo for Investment and Real Estate Development (MENA)
Source: The Abraaj Group
Global growth markets investor The Abraaj Group has signed an agreement with the controlling shareholders of Egypt-based education group Cairo for Investment and Real Estate Development to issue a mandatory tender offer on the Egyptian Stock Exchange to acquire 100 percent of the company’s shares. The price per share will not exceed EGP20.5 (approximately US$2.94). Post completion of the tender offer, the company will initiate a capital raise process for EGP100 million (approximately US$14 million), to which The Abraaj Group will subscribe in full. This transaction, which will be used to fund investments in the education sector in Egypt, is subject to finalizing negotiations and obtaining regulatory approvals.