|End-of-day quote - 05/20|
Agthia Group PJSC completed the acquisition BMB Group.12/13/2021 | 12:00am
Agthia Group PJSC (ADX:AGTHIA) agreed to acquire BMB Group on September 1, 2021. The transaction will be for 100% of BMB and is expected to be fully funded by cash. Founder Attito Raslan will retain a stake in Atyab and continue to grow the business by leveraging Agthias financial strength, regional reach, and industry expertise. During the Last Twelve Months (LTM) period ending 30 June 2021, BMB generated total revenues of around AED 270 million and EBITDA of approximately AED 54 million, with healthy EBITDA margins expected to grow to around 20% this year. The transaction is subject to satisfying customary closing conditions, including obtaining relevant regulatory approvals. As of September 1, 2021, Agthia Group's board approved the deal. The transaction is expected to be immediately accretive to Agthias earnings. Freshfields Bruckhaus Deringer LLP is acting as legal counsel to Agthia. EFG Hermes is acting as financial advisor to Agthia. Agthia Group PJSC (ADX:AGTHIA) completed the acquisition of BMB Group on December 13, 2021.
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