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Agthia Group PJSC acquired 75% stake in Atyab.

09/15/2021 | 12:00am
Agthia Group PJSC (ADX:AGTHIA) agreed to acquire 75% stake in Atyab in a transaction valued at approximately AED 580 million on April 7, 2021. The founder, industry veteran and Atyab leader Attito Raslan, would retain a stake in Atyab. In 2020, the Atyab achieved net revenues of AED 424 million with EBITDA of AED 79 million. The transaction is subject to obtaining customary closing conditions including relevant regulatory approvals. The board of directors of the Agthia Group approved the transaction. The deal is expected to result in an immediate and long-term value for Agthia shareholders with significant cost and revenue synergies. The transaction is expected to be completed in July 2021. Freshfields Bruckhaus Deringer LLP is acting as international legal counsel, and Matouk Bassiouny & Hennawy as Egyptian legal counsel, to Agthia. EFG Hermes is acting as financial advisor to Agthia Group PJSC. First Capital Financial Advisory is acting as a financial advisor to the shareholders of Atyab. Adsero Ragy Soliman & Partners is acting as legal counsel to the shareholders of Atyab. Agthia Group PJSC (ADX:AGTHIA) acquired 75% stake in Atyab on September 15, 2021.
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