UAE’s Abraaj buys Egypt’s EFC for $1.41bn

146.jpgDUBAI, United Arab Emirates –  Dubai-based private equity firm Abraaj Capital announced Sunday that it has acquired the Egyptian Fertilizers Company (EFC) in a deal valued at $1.41 billion.

The 100-percent leveraged buyout of Egypt’s largest private sector fertilizer manufacturer and exporter is the biggest private equity acquisition in the Middle East and North Africa, the company said in a statement.

Deutsche Bank provided the finance for the takeover, it added.

“The acquisition of EFC exemplifies our confidence in Egypt’s increased attractiveness as an investment destination,” said Sheikh Abdel Rahman Ali Al Turki, chairman of Abraaj Capital, which currently manages assets worth more than $4 billion.

EFC was established in 1998 as a free-zone joint stock company in the Northwestern Suez Economic Zone, near Egypt’s Sokhna Port. It operates two factories with 600 staff.

Check Also

Iran, Pakistan look to the future

Cultural and religious affinities have linked Iran and Pakistan as to neighbors. Politically, the two …