EFG-Hermes Receives Buyout Offer From Planet Consortium Group

A group of investors is considering a bid to acquire EFG-Hermes Holding (HRHO.CA) in a deal worth $1.2 billion, Egyptian newspapers reported on Thursday, after Qatar’s QInvest said it had a deal to take a 60 percent stake in the Egyptian investment bank.

EFG-Hermes officials would not comment. An official said the Egyptian market regulator, the Egyptian Financial Supervisory Authority  had no information about an offer.

Al-Mal and Al-Borsa financial newspapers both reported that a group calling itself the Planet consortium was looking at EFG-Hermes.

Al-Borsa said the group of prominent Egyptian business executives and international institutions was studying making an offer, and a deal would be worth $1.2 billion.

Al-Mal said the group had informed EFG-Hermes of its intention to make an offer and was trying to raise finance for the deal from Egyptian, Gulf and other international investors.
It is worth noting that, founders of Planet are Ahmed El-Hussainy, founder and former Managing Director of Citadel Capital, Mahmoud Abdel-Latif, Former Chairman of Bank of Alex-San Paulo and Mona Yassine, former Chairman of Cairo-Far East Bank.