Announced in July 2022, the acquisition marks the UAE company’s entry into the Egyptian market
The two have merged into a single entity after receiving final regulatory approvals, including those of the Central Bank of Egypt and GAFI
According to Bloomberg, the PIF is almost done with its due diligence on the transaction and plans to purchase the bank through its Egypt-based investment vehicle
The company will have acquired 55% of Vodafone Egypt in a block trade transaction on the EGX last week for an estimated EGP 59.7 billion ($2.4 billion), amounting to 132 million shares
Completing the integration will contribute to strengthening the size of the new entity and its local presence across the country, explained FABMISR CEO Fayed
