Deals
Egypt's Sodic to Buy at Least 51% of Medinet Nasr
- Deal would create one of Egypt’s largest property developers
- Medinet Nasr shares surge 10%, Sodic up 6.1% on news of deal
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Property developer Six of October Development and Investment Corp. said Sunday it will submit a tender offer to acquire at least 51 percent of Medinet Nasr Housing through a share swap, a deal that, if finalized, would create one of the largest real estate developers in Egypt.
Under the terms of the deal, Sodic, which builds upscale developments across Egypt, will exchange one of its shares for every two of Medinet Nasr’s shares, provided that it acquires at least 51 percent of Medinet Nasr’s shares, Sodic said in a statement. The two companies will continue to operate separately, and will remain listed on the Egyptian stock exchange. The deal was first reported by Bloomberg ahead of the start of Sunday’s trading session.