A consortium led by Ebtikar for Financial Investment has completed the acquisition of Orascom Development Egypt’s entire stake in Tamweel Group, representing 87% of the company, with a total company valuation of EGP 360 million.
The consortium also includes TCV1 and Acquire for Investment, the leading investor in non-banking financial services said in a statement.
It is worth mentioning that Ebtikar is a joint venture between MM Group for Industry and International Trade and B Investments Holding.
Ebtikar’s stake in Tamweel Group is 45%, while B Investments holds a 20% stake in Ebtikar.
Tamweel Group consists of four companies; namely Tamweel Mortgage Finance, Tamweel for Financial Leasing, Tahseel for Collection and Call Center Services, and Overseas Insurance Brokerage.