Agthia Group PJSC (ADX:AGTHIA) agreed to acquire 60% stake in Abu Auf from Ahmed Auf, Mohamed Auf, Ayman Auf and Tanmiya Capital Ventures for EGP 2.9 billion on July 14, 2022. The consideration is subject to (a) customary completion accounts adjustments for debt, cash, invested capital and working capital and (b) an earn out payment in relation to 2022 EBITDA levels. Post completion, Agthia will hold 60% of Auf Group, while Auf Group's founders will retain a combined stake of 30% in the business.

Tanmiya Capital Ventures will remain a committed shareholder with a 10% stake. During the Last Twelve Months (LTM) period ending December 31, 2021, Auf Group generated total net revenue of around AED 236 million (EGP 1.2 billion) and EBITDA of approximately AED 58 million (EGP 298 million). The acquirer Board of Directors has approved a strategic acquisition of 60% of Auf Group.

The transaction is subject to satisfying customary closing conditions, including obtaining relevant regulatory approvals. Freshfields Bruckhaus Deringer LLP is acting as international legal counsel, and Matouk Bassiouny & Hennawy as Egyptian counsel, to Agthia. CI Capital is acting as financial advisor to Agthia.