Arab Finance: EFG Hermes’ investment banking division has successfully wrapped up advisory on the UAE-based Electra Investment Holding’s $449 million acquisition of a 19.98% stake in Elsewedy Electric, according to a press release.

EFG Hermes was the sole financial advisor and broker for the transaction.

In May, Electra submitted a voluntary tender offer to acquire up to 24.5% of Elsewedy Electric at a purchase price of $1.05 per share.

“This deal together with our current pipeline of transactions reflects investor interest for opportunistically pursuing acquisitions of market leading corporates,” Maged El Ayouti, Co-Head of Investment Banking of EFG Hermes, commented.

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