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CRÉDIT AGRICOLE CIB SOLE FINANCIAL ADVISER TO ELECTROLUX FOR THE ACQUISITION OF OLYMPIC GROUP IN EGYPT
- On 10 July 2011, Electrolux announced the signing of a definitive agreement with Paradise Capital to acquire its controlling 52% stake in Olympic Group.
- Olympic Group is the largest manufacturer of household appliances in the Middle East and listed on the Egyptian Stock Exchange.
- Electrolux will launch a mandatory tender offer for the remaining 48% of the shares in Olympic Group and subsequently sell Olympic Group’s ownership in its two listed associated companies Namaa and B-Tech to Paradise Capital.
- Following these transactions, the total Enterprise Value of Olympic Group amounts to approximately EGP2.7bn (US$460m).
The acquisition of Olympic Group by Electrolux is the first major M&A transaction and public offer in Egypt since the regime change earlier this year. The transaction illustrates the trend among large appliances manufacturers to enhance their emerging markets presence.
Crédit Agricole CIB is now acting as sole financial advisor to Electrolux, further highlighting its capacity to support Western consumer goods companies in connection with complex acquisitions in emerging markets.
This transaction is another success for the Crédit Agricole Group in the Middle East and in Egypt in particular, where Crédit Agricole CIB over the past decade has been involved in several of the largest cross-border transactions.
It also confirms the role of Crédit Agricole CIB as an emerging force in investment banking in the Nordic region, where it has gained a strong record in assisting large corporations in connection with major investment banking transactions.