Orascom Telecom Media and Technology Holding has submitted a binding offer to acquire 100% of Cairo-based financial services group CI Capital Holding from Commercial International Bank (CIB). The acquisition comes just months after the Naguib Sawiris owned group acquired another Cairo-based financial services company, Beltone Financial.
Orascom Telecom Media and Technology Holding (LSE:OTMT) has submitted a binding offer to acquire 100% of Cairo-based financial services group CI Capital Holding from Commercial International Bank (CIB).
The target had accepted OTMT’s non-binding offer worth E£1bn (US$128m) on 17 December 2015. The binding offer, which follows due diligence, is slightly less at E£924m (US$118m).
CIB has accepted the offer, subject to reaching an agreement on the final terms and conditions.
OTMT has indicated that it will combine CI Capital with another financial services group, Beltone Financial, which it acquired in October.
Like Beltone, CI Capital operates across the Middle East and North Africa. Its 300 employees offer investment banking, securities brokerage, asset management and research services.