EFG-Hermes Acts as Sole Financial Advisor to Actis on the CIB Transaction
EFG-Hermes Investment Banking’s second cross-border transaction in as many months brings its total M&A advisory activity to USD 1.9 billion in 2009 to-date
8 July 2009
London-based private equity firm Actis announced today it will pay USD 244 million for a 9.3% stake in Commercial International Bank (CIB), Egypt’s leading private-sector commercial bank. The transaction will see Actis become the largest single shareholder in CIB as it purchases 50% of a stake held by a consortium led by New York-based private equity firm Ripplewood Holdings.
EFG-Hermes Investment Banking acted as the sole financial advisor to Actis on this deal, which stands as the largest M&A transaction in Egypt for the year. The Actis-CIB deal came just weeks after EFG-Hermes, the leading investment bank in the Arab world, orchestrated the USD 1.6 billion merger between Zain Jordan and Palestine Telecom.
“Actis’s investment highlights the robustness of the Egyptian economy as well as the resilience and long-term prospects of the Egyptian banking sector. This landmark transaction is another vote of confidence in our leading M&A advisory franchise,” said Karim Awad, Head of Investment Banking at EFG-Hermes.
Including the Actis transaction, EFG-Hermes Investment Banking has advised on M&A transactions worth a combined USD 1.9 billion so far in 2009.
