Cairo - Decypha: The following are MENA focused merger and acquisition updates announced during the week of 13th of April 2017 to 20th of April 2017.
Islamic Development Bank
The Islamic Development Bank (IDB) announced on the 19th of April its plans acquire a 10% stake in Turkey’s stock exchange (Borsa Istanbul). The bank expects negotiations to be finalized within three months.
Saudi Steel Pipe Company
The Saudi Steel Pipe Company announced on the 19th of April its full acquisition of Titanium and Steel Manufacturing Company (TSM Arabia). The company acquired the 30% share of Korean company TSM Tech Ltd. Part of the agreement includes the continual of the technical support provided by TSM Tech until the end of 2020.
GFH Financial Group
UAE based GFH Financial Group announced on the 15th of April its plans to acquire a stake in two data centers in the United States of America. The deal which is worth $100 million is in partnership with Corporate Office Properties Trust (Copt) an office real estate investment trust that specializes in both office and data center properties, where Copt will invest a 20% stake in the deal.
AN Investment
An Investment has acquired a 61.09 million shares of Bahrain Middle East Bank (BMB) equity, a move that represents a 25.24% of total shares, according to a statement on 17th of April.
Grand Investment Capital
Grand Investment Capital (GRCA) announced on 18th of April the sale of 998,500 stocks in Grand Investment Leasing Company. Stocks sold represent a 99.85% share of its ownership in the company. The deal is valued at EGP 6.15 million (EGP 6.16 per share).
Oman Orix Leasing Company
Deloitte has been assigned the task of valuating both the National Finance Company SAOG (NFC) and Oman ORIX Leasing Company SAOG (OOLC) for the proposed merger between them.
By Decypha Editorial Team
