The Finance World Magazine| Edition: April 2023

Merger and Acquisition News
Egis and Omrania merge to become leading engineering and architecture
firm in Saudi Arabia
Egis Group has reached an
agreement to acquire Saudi
Arabian architectural and
engineering consultancy firm,
Omrania, marking a significant step for
both companies. With a shared vision
of designing sustainable and contextual
environments, the acquisition will allow
Egis to establish a leadership position
in high-end design and architecture
services in Saudi Arabia. Omrania,
with its interdisciplinary approach to
architecture, master planning, urban
design, landscape, and engineering
services, has built a strong reputation
for its work with government entities,
cultural institutions, and the private
sector. The acquisition will enable both
firms to leverage their joint footprint and
client base to reach significant scale in
Saudi Arabia.
Qatar utility giant QEWC
acquires 24% in Bangladesh
power company
Qatar Electricity and Water
Company (QEWC) has
expanded its international
footprint with the acquisition
of a 24% equity stake in Unique
Meghnaghat Power Ltd. in Bangladesh.
The deal was carried out by QEWC
subsidiary, Nebras Power Investment
Management B.V. The stake was
purchased from Unique Hotel & Resorts
Limited and Strategic Finance Limited,
with General Electric retaining a joint
76% stake. The 584 MW combined
cycle power plant, which is currently
under construction, has a 22-year
power offtake agreement with the
Bangladesh Power Development Board.
The acquisition will serve as a “strategic
foundation” for Nebras’s entry into the
Bangladeshi power sector, according
to Nebras Power Chairman Mohammed
Nasser Al-Hajri.
UAE’s FAB sells 60% stake in Magnati to Canada’s
Brookfield Business Partners
First Abu Dhabi Bank (FAB),
the largest lender in the UAE,
has sold a 60% stake in its
payments firm Magnati to
Canada’s Brookfield Business Partners
for up to $1.15B, implying a valuation
of the company. FAB will retain a 40%
stake in Magnati after the transaction,
which is subject to regulatory approval.
UAE telecoms group e&
(formerly Etisalat) is
eyeing expansion into new
markets in Africa, Europe
and Asia, as well as areas outside of
telecoms such as financial technology,
according to CEO Hatem Dowidar. The
company is considering potential joint
ventures, acquisitions and listings of
subsidiaries, with a focus on retaining
control of all its units. The telecoms
arm of the company, Etisalat, is the
world’s seventh largest by market
capitalisation. The company has
separated its business into e& life,
e& enterprise, and e& capital to drive
acquisitions and mergers. Total revenue
The bank plans to use the proceeds
from the sale to support its growth
and transformation plans. Magnati
was launched by FAB in 2020 as a
fully-owned affiliate. Morgan Stanley
& Co. International is acting as the
sole financial advisor to FAB, while
Freshfields Bruckhaus Deringer is
acting as its legal advisor.
UAE’s e& looks to expand in telecoms and other
areas
growth at e& was 3% in 2021, while e&
enterprise grew by 17%.
52 www.thefinanceworld.com April 2023