EFG Hermes Picks Goldman to Evaluate First Abu Dhabi Bid - Bloomberg
EFG Hermes is poised to pick Goldman Sachs Group Inc. to advise on First Abu Dhabi Bank PJSC’s offer to acquire a majority stake, people familiar with the matter said.
The independent adviser, once hired, will make a recommendation to shareholders of Egypt’s largest investment bank, the people said, asking not to be identified because the information is private. Investors in the bank include Natixis SA and U.S.-based Ripplewood.
Spokespeople at EFG and Goldman declined to comment.
EFG Hermes confirmed last week that it had received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51% at 19 Egyptian pounds per share, a premium of about 21% on its share price before the offer and valuing the firm at $1.2 billion.
Goldman Sachs ranked first for deal advice in the Middle East and Africa last year, ahead of Morgan Stanley and JPMorgan, according to data compiled by Bloomberg.
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