Consortium closes one of Egypt’s largest private equity deals

A private equity consortium has closed one of Egypt’s largest private equity deals at $459 million, raising the hopes of locals that it will boost potential private equity investors’ confidence in the market.

A private equity consortium including Citigroup Venture Capital International, Capital International Private Equity and Concord International Investments, has bought a 93 percent stake in Amoun Pharmaceutical Co., an Egyptian pharmaceutical manufacturer, for $459 million (€348 million), or $6.2 per share, in one of Egypt’s largest private equity deals.  The acquisition brings the consortium’s holding in the company to 98.8 percent. 


The consortium bought a 5.8 percent stake in Amoun through a public tender offer in November. 


Baker & McKenzie gave legal advice to the consortium while Shalakny, an Egyptian law firm, advised Amoun.


Citigroup Venture Capital International manages more than $3.5 billion in equity investments and committed capital in Asia, Central and Eastern Europe, and Latin America. 


Capital International Private Equity has total capital commitments of $618 million and has managed four emerging markets private equity funds since 1992.


Concord International Investments Group manages about $2.3 billion worldwide, including about $1.2 billion in Egyptian securities.