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Planet Says Arranged Debt for EFG Bid, Waiting for Due Diligence

Planet Investment Banking raised $650 million in debt and a “lower amount” in equity for its planned offer to take over Egyptian investment bank EFG-Hermes Holding SAE, Chief Executive Officer Ahmed El Houssieny said.

The company is backed by domestic, regional and international investors, including a member of the ruling family of Sharjah, United Arab Emirates, El Houssieny said in a telephone interview today.

“The only thing between us and a public tender offer is due diligence,” he said.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Daliah Merzaban at dmerzaban@bloomberg.net

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