Cairo –  Investec Asset Management (IAM) announced the acquisition of Spinneys Egypt from Dubai-based private equity firm Abraaj Group in its first private equity investment in Egypt, according to a statement on Sunday.

The value of the acquisition deal wasn’t disclosed.

The ownership of Spinneys in Egypt has been transferred to the Commercial Bank of Dubai (CBD) as part of a settlement deal with Abraaj.

The grocery retailer has 13 outlets in Egypt, including two hypermarkets and 11 supermarkets.

In March, Investec was reportedly conducting due diligence for acquiring the grocery retailer.

In September 2018, five private equity firms, including Ezdehar, offered to acquire Spinneys Egypt from Abraaj Group following the collapse of the Dubai-based private equity firm.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.