Mergers & Acquisitions:
Mohamed Ghannam, Managing Partner
mohamed.ghannam@bakermckenzie.com
Ghada El Ehwany, Partner
ghada.eiehwany@bakermckenzie.com
Hani Nassef, Partner
hani.nassef@bakermckenzie.com
Recent transactional highlights:
- Advised global healthcare company GlaxoSmithKline Services Unlimited (GSK Group) on the separation of its consumer healthcare business to form a global consumer healthcare company ("Haleon") The transaction is valued at GBP 55 Million (1.6 Billion EGP).
- Advised the Swiss construction chemicals group Sika AG on the acquisition of MBCC Group (Master Builders Construction Chemicals), the former BASF Construction Chemicals division, from Lone Star Funds, a global private equity firm, for a consideration of CHF 5.5 billion (EUR 5.2 billion).
- Advised EFG Hermes and its subsidiary valU for Financial Services in connection with their proposed joint venture arrangements with Fawaz Abdulaziz Al Hokair in Saudi Arabia to establish a consumer finance business that will be led by valU.
- Acted as the lead counsel to Gig-Egypt on the transaction to acquire 100% of AIG Egypt through a mandatory tender offer.
- Advised a consortium of financial investors led by Amethis Fund II S.C.A., SICAR (Amethis) and including SPE AIF I, LP (SPE Capital) and European Bank for Reconstruction and Development for the acquisition of a 95% stake of GlobalCorp for Financial Services and its group of companies in Egypt from each of SANAD Fund for MSME – Equity Sub-Fund and Ezdehar Egypt Mid-Cap Fund Coöperatief U.A. and the founder.
- Advised a consortium of the largest banks in Egypt, including Banque Misr, National Bank of Egypt and Banque Du Caire as lead investors in connection with their investment "Nclude" Fintech Innovation Fund, a newly established fintech and financial inclusion fund in the ADGM (Abu Dhabi Global Market), UAE which will be managed by Global Ventures.
- Advised Emirates NBD on the divestment of their non-banking financial services business in Egypt.
- Advised Suez Industrial Development Company (SIDC), a majority-owned subsidiary of Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS), on a project that aims to develop a 2.2 million square meter industrial park in West Cairo, along with an acquisition of 25% stake of the project company.
- Advised Indorama Ventures PCL, a world-class sustainable chemical company, producer of intermediate petrochemicals industry, and the world's largest producer of PET resins, on an acquisition to increase its stake to 100% of its local company in Egypt.
Banking and Project Finance
Mohamed Ghannam, Managing Partner
mohamed.ghannam@bakermckenzie.com
Lamyaa Gadelhak, Partner
lamyaa.gadelhak@bakermckenzie.com
Mohamed Elharmy, Partner
mohamed.elharmy@bakermckenzie.com
Recent transactional highlights:
- Acted as a legal counsel to the Arab Republic of Egypt, acting through the Ministry of Finance, on a landmark USD 3 billion syndicated financing transaction. This deal won Islamic Syndication Deal of the Year Award 2022 from Bonds, Loans & Sukuk Middle East Awards. Baker McKenzie was recently awarded “Banking & Finance Team of the Year” at the Middle East Legal Awards 2022, off the back of our work on the Egypt MoF sustainable financing.
- Acted as English, Egyptian and UAE legal counsel to the lenders in relation to the financing of Canal Sugar’s project for the development of a large-scale agricultural farm (approximately 188,000 acres) in Minya, Egypt. This deal is awarded Best Structured Finance Deal in North Africa at the EMEA Finance Achievement Awards 2021.
- Acted for the lenders, with SMBC Bank International plc as documentation agent and with MUFG Bank, Ltd. as facility agent, on a USD 400 million Japan International Cooperation Agency-supported covered facilities agreement to African Export-Import Bank.
- Acted as a legal counsel to Rawasy, a new real estate joint venture established by the National Bank of Egypt (NBE) and Banque Misr, in connection with acquiring real estate assets in Talaat Moustafa Group’s (TMG) Madinaty compound for a purchase price of approximately EGP 9 billion. Additionally, Baker McKenzie Cairo supported Rawasy in entering into a long term Operation and Investment Agreement with TMG for the operation and investment of these assets on behalf of Rawasy.
- Acted for National Bank of Egypt, Arab African International Bank and three other local banks in connection with the extension of syndicated facility to Arab Company for Projects and Urban Development, fully owned subsidiary of Talaat Moustafa Group.
- Acted as legal counsel to the Egyptian Government, acting through the Egyptian Electricity Transmission Company (EETC), the New and Renewable Energy Authority (NREA) as well as the Ministry of Finance of Egypt, on a landmark power purchase agreement signed with Saudi power and renewable energy company, ACWA Power. The agreement is in relation to establishing a solar power plant using photovoltaic cells with a BOO system with a capacity of 200 MW in Kom Ombo, Aswan, with a total investment of about USD 80 million, with a 25-year power purchase agreement tenure and ACWA has reached financial closing for the same.
- Acted for AMEA Power in connection with the finance and development of a 500MW solar plant in Aswan and a 500MW wind farm in Gulf of Suez on BOT basis.
- Acted as a legal counsel to Banque Misr and Arab African International Bank (AAIB) as lenders on a real estate financing to Al Alamia for Real Estate Investment, a fully owned subsidiary of Hassan Allam Properties. The two banks signed the loan documentation of EGP 4.16 billion on 29 June 2021 specifically for the development of Swan Lake Residences project which is one of Al Alamia integrated residential projects in New Cairo.
- Acted for the Sovereign Fund of Egypt to establish the SPV to carry out a project comprising the establishment, construction, operation and maintenance of 6 medical supplies warehouses in different geographical locations in the Arab republic of Egypt. First project modernize medical supplies storage facilities using high technology.
- Acted for the National Egyptian Railway Industries Company (NERIC) on an exclusive supply agreement with Hyundai Rotem, a South Korean heavy industry company and the National Authority for Tunnels. Under the terms of the agreement, the South Korean company will produce and provide 320 new carriages and 40 new trains for the second and the third metro lines in Cairo budgeted at USD 656 million.
Capital Markets
Mohamed Ghannam, Managing Partner
mohamed.ghannam@bakermckenzie.com
Recent transactional highlights:
- Acted for Arab Company for Projects and Urban Developments, a subsidiary of Talaat Moustafa Group (TMG) Holding, on the first sukuk issuance in Egypt, which is based on a Shari'ah-compliant ijara structure with a value of EGP 2 billion (USD 126.53 million). IFN Capital Market Law Firm of the Year and Deal of the Year 2020.
- Acting as underwriters' local counsel for Banque du Caire, Banque Misr and Misr Capital Investments S.A.E., in connection with the initial public offering (IPO) and listing of the shares of Banque du Caire on the Egyptian Exchange (EGX).
- Acted for Riyad Capital, the investment arm of Riyad Bank, in relation to sukuk issuance under a Mudaraba and Murabaha financing structure to Al Arabia for Real Estate Development Company ARECO S.A.E, a leading Saudi real estate company.
- Acted as issuer's counsel to Nahr El Khair For Development Agricultural Investment and Environmental Services in connection with the initial public offering and listing of its shares on the Egyptian Exchange.
- Acted for Pioneers Properties for Urban Development on a real estate securitization transaction. The total value of the securitization bond program is EGP 3 billion divided into six issuances. The first and the second issuances have been approved by the Financial Regulatory Authority at an amount of EGP 627.5 million; and EGP 425 respectively.
- Acted for Tanmeyah Micro Enterprise Services, on such issuance. The total value of the securitization bond program is EGP 3 billion in a program of several tranches.
