Announced
Financials
Sources
Tags
Single Bidder
Acquisition
real estate developer
Cross Border
Majority
Pending
Real Estate Holding and Development
Friendly
real estate projects
Egypt
Private Equity
Tender Offer
Public
Synopsis
Aldar Properties, a real estate development, management and investment company, and Abu Dhabi Development offered to acquire a 90% stake in Sixth of October for Development & Investment, an Egypt-based company engaged in real estate development projects and operations, at a $453m valuation. Aldar believes that its offer represents a compelling liquidity event and value proposition for SODIC shareholders, reflecting the company’s robust fundamentals and share price performance over the last 12 months. “This proposed acquisition of a majority stake in Sodic is a part of Aldar’s overall expansion strategy into the attractive Egyptian real estate market, with Aldar currently assessing several opportunities,” Aldar.
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