Abraaj Capital Ltd-Fertilizer Production Operations &
Orascom Construction Industries SAE | Update Date: 06/23/08 |
| Date Announced: 02/21/08 |
Value (million $USD): 2.75 billion U.S. Dollar
15.00 billion Egyptian Pound |
|
| Status: Pending | |
| TRANSACTION DETAILS |
|---|
| Date Announced | 02/21/08 | | |
| Date Originally Announced | 02/21/08 | | |
| Format | Merger | Acquisition techniques | Divestiture |
| Attitude | Friendly | Agency | n/a |
| Value | 2.75 billion U.S. Dollar
15.00 billion Egyptian Pound | Advisor Fees | n/a |
| SYNOPSIS |
|---|
| EGYPT - Orascom Construction Industries SAE (OC) agreed to merge with the fertilizer production operations of Abraaj Capital Ltd (AC), a Dubai-based private equity firm, for 14.996 bil Egyptian pounds (10.092 bil United Arab Emirates dirhams/$2.748 bil US). The consideration was to consist of 4.773 bil Egyptian pounds (3.212 bil dirhams/$874.5 mil) in cash, the assumption of 6.003 bil pounds (4.04 bil dirhams/$1.1 bil) in liabilities and the issuance of 12.77 mil OC new ordinary shares valued at 4.22 bil pounds (2.84 bil dirhams/$773.277 bil). The shares were valued based on OC's closing stock price of 330.48 pounds (222.398 dirhams/$60.554) on February 20, the last full trading day prior to the announcement. The transaction was to include AC's units Egyptian Fertilizers Co and Notore Chemical Industries Ltd, and its strategic alliance with Dana Gas PJSC. |
| TARGET |
|---|
| Name | Abraaj Capital Ltd-Fertilizer Production Operations |
| Industries | Phosphatic fertilizers; Industrial inorganic chemicals, nec |
| City | n/a |
| State | n/a |
| Nation | Egypt |
| Incorporated in | n/a |
| Public Status | Subsidiary |
| Business Description | Fertilizer Production Operations of Abraaj Capital Ltd, located in Egypt and Nigeria, manufacture fertilizers focusing on ammonia and urea production. The transaction was to include 100% in Egyptian Fertilizers Co and 20% in Notore Chemical Industries Ltd. |
| Advisors | NULL |
| Target Sales | n/a |
|
| ACQUIROR |
|---|
| Name | Orascom Construction Industries SAE (Cairo : OCIC) |
| Industries | Brick, stone, and related construction materials; Engineering services; Bridge, tunnel, and elevated highway construction; Highway and street construction; Industrial buildings and warehouses; Heavy construction, nec; Nonresidential building construction, nec; Offices of holding companies, nec |
| City | Cairo |
| State | n/a |
| Nation | Egypt |
| Incorporated in | n/a |
| Public Status | Public |
| Business Description | Orascom Construction Industries SAE, located in Cairo, Egypt, manufactures and wholesales cement with principal operating subsidiaries including Egyptian Cement Co and Algerian Cement Co. It also provides engineering, procurement and construction services on industrial, commercial and infrastructure projects in the Middle East, North Africa and Central Asia. It is also holding company. |
| Advisors | NULL |
| Acquiror Sales | 2.47 billion U.S. Dollar
13.48 billion Egyptian Pound |
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