Shahid Law Firm Advises Talaat Moustafa Group on Strategic Stake Sale to ADQ and ADNEC Group
share
In the successful conclusion of a significant agreement, ADQ and ADNEC Group are set to own a 40.5% stake in the hospitality division of Talaat Moustafa Group (TMG), known as ICON Group.
This strategic initiative, involving a capital increase, is poised to enhance the development of Egypt's luxury hospitality sector. The deal specifically entails the acquisition of shares in 7 historic heritage luxury hotels, formerly owned by the Egyptian Government and now under ICON. Structured through a special purpose vehicle, ADQ will hold a 49% equity stake, while ADNEC Group will secure a controlling 51% stake in the venture.
Shahid Law Firm and Sarie Eldin & Partners Legal Advisors acted for TMG along with Mr. Mohamed El Hennawy, VP & Group General Counsel at TMG Holding, while White & Case LLP UAE and Egypt offices acted as legal counsel for ADQ and ADNEC. EFG Holding acted as the exclusive financial advisor to TMG Holding.
It is notable to also mention that Shahid Law Firm was involved with TMG in the first leg of the transaction involving the acquisition of Egypt’s 7 historic hotels.
https://www.linkedin.com/feed/update/urn:li:activity:7155202579860201472
