Cairo – Mubasher: EFG Hermes on Monday announced it has closed an agreement with Talaat Moustafa Group Holding (TMG Holding) to acquire a portfolio of elementary schools in Madinaty and El Rehab with nearly EGP 1 billion in investments.
The Emirati provider of education services GEMS Education will manage and operate these schools immediately, EFG Hermes said in a statement to the Egyptian Exchange (EGX).
This deal is part of a strategic alliance that aims at operating and developing new international schools for the residents of Madinaty and El Rehab, the leading Egyptian investment bank noted.
Managing director of TMG Holding Hisham Talaat Moustafa has expressed his keenness to enter EFG Hermes - GEMS Education alliance to upgrade the level of services provided to the residents of Madinaty and El Rehab.
EFG Hermes is financing the capital of the transaction through merchant banking within the framework of the company’s strategy, according to the statement.
Head of Asset Management and Private Equity at EFG Hermes Karim Moussa had previously said that the company plans to invest $300 million in Egypt’s education sector in collaboration with GEMS Education in the next five years.
Egypt’s prominent investment bank had entered into a partnership with GEMS Education to launch a new education-focused platform concentrated on Egypt.
Upon the partnership, EFG Hermes will establish an investment fund to be directly managed by its private equity arm to finance the joint venture’s projects in order to provide a unique educational experience for students from kindergarten to twelfth grade.
