Egypt: EEP acquires majority stake in Selah El Telmeez
Egypt Education Platform (EEP), the fastest growing education service provider in Egypt, and the Sovereign Fund of Egypt (TSFE) have signed definitive agreements to acquire a majority stake of Selah El Telmeez (SET), said a statement on Thursday.
SET-the famous 60 years old legacy K-12 education brand marks this partnership as a new chapter where it will be able to accelerate its mission and help more students than ever access its learning solutions, its CEO Waleed Hamdy, said.
This step will bring together EEP’s unique education offering experience together with Egypt’s prime developer of K-12 education content that serves millions of Egyptian students, the statement added.
Moreover, TSFE’s objective through the new partnership is to capitalise on the existing wide spectrum of globally available technological advancements, according to its CEO Ayman Soliman said.
Soliman further said that with EEP they can create diverse and engage educational content to cater the advancement of the sizeable middle and lower-income segments across Egypt’s 27 governorates.
This under the widely trusted brand SET with its proficient management capabilities and EEP’s progressive approaches.
Furthermore, the new investment complements TSFE’s Education Investment strategy to provide a wide segment of Egyptian students with affordable innovative educational solutions to support the students against their learning challenges.
TSFE also seeks to increase returns and create wealth for future generations across several axes, among which is creating sustainable returns through investments that tie closely to Egypt’s priorities, Soliman added.
According to EEP’s CEO Ahmed Wahby mentioned that SET is a gateway for Egyptian K-12 students to access highly valuable education content and resources developed by a passionate community and team.
“Together we can transform the way students learn and by students throughout different societal classes across the country – delivering powerful educational content and leveraging the latest digital learning technologies…” Wahby added.
The statement noted that the EEP’s education platform saw significant growth over the past 3 years with its portfolio currently spanning a largely diversified pool of 18 national & international schools and pre-schools.
These schools are operating across Cairo and Alexandria under different brand names including GEMS, Hayah, Trillium and Petals and housing today.
More than 11 thousand students who directly benefit from the superior education content and resources developed by SET to navigate through out their respective education journeys.
Wahby continued that the integration with SET is clearly a significant milestone for EEP’s platform that brings vast synergies as it is targeting to accelerate its digital transformation to unlock new innovative learning solutions.
While, EEP is committed to supporting SET in accelerating its EdTech journey by utilising the vast experience offered by EEP’s academic leadership combined with unparalleled content know how of SET, Wahby pointed out.
Hamdy said, “We are thrilled to embark on a journey with EEP that will undoubtedly transform learning experience across the country by putting more focus on engaging digital content to lead on this educational revolution.”
“Our partnership with EEP will enable us to unlock and accelerate our ambitious plan of expanding our full range of services nationwide,” said Mostafa Hamdy, Co-CEO Selah El Telmeez.
Noteworthy, EEP pioneered with its first dedicated technology focused American IB school- GISC, and today delivers unmatched educational technologies for over 350 students.
EEP already provides its students with a complete, intelligent approach of integrating tech seamlessly within the familiarity of classroom learning.
On the other hand, SET is pioneered an engaging digital learning platform for all ministry subjects in primary stage with an intuitive user experience that empowers students of any skill level to master the learning skills and outcomes.
SET will continue to be led by CEO Waleed Hamdy, Co-CEO Mostafa Hamdy and the current leadership team.
White & Case acted as legal advisor for EEP on the acquisition of SET, Adsero acted as legal advisor for TSFE and Al Tamimi & Co acted legal advisor for the Sellers.
