Deals
UAE’s Biggest Bank First Abu Dhabi Offers to Buy EFG Hermes
- FAB offers 19 pounds per share, valuing EFG at $1.2 billion
- EFG shares rise as much as 19.4% but trade below FAB’s offer
The EFG Hermes headquarters in Giza, Egypt.
Source: EFG HermesThis article is for subscribers only.
First Abu Dhabi Bank PJSC offered to buy a majority stake in EFG Hermes, valuing the firm at $1.2 billion, in what’s likely to be the biggest acquisition yet in Egypt by the UAE’s largest lender.
EFG Hermes, Egypt’s biggest investment bank whose shareholders include Natixis SA and U.S.-based Ripplewood, said it received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51%, according to a statement that confirmed an earlier Bloomberg News report.