Merge and Acquisition Report Q1 2019 in MENA Region including Milestone deals , inbounds, outbounds , Startups , Funding Rounds.

1. Mergers & Acquisitions
Report
Q1 2019
MENA Market Intelligence Platform
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2. Mergers & Acquisitions Report Q1 2019
MENA Top Deals
Milstone Deals
MENA 1Q17-19 Comparison
The most important deal 1Q2019 in MENA region and one of the biggest domestic deals in the region history is the official
bid from The Saudi Arabian Oil Co to acquires 70% of SABIC - the biggest TADAWUL listed by market cap . This Mega deal
deems the engine in the ARAMCO IPO's train , and will promote the Public Investment Fund ( the future owner of ARAMCO
and the current holder of 70% of SABIC ) to the top list of Sovereign Wealth Fund after complete ARAMCO's 2 trillion IPO the
biggest in the world. The official tender from Aramco at SAR 123.4/Share and total deal value USD 69.1 Billion.
ADNOC win to harvest around USA 9.8 Billion from 2 deals with OMV Petroleum Pty Ltd/Eni SpA , KKR and Co LP/ BlackRock
in the Oil Refining and Pipelines infrastructure Sector.
Careem crowned with success to raise its value to USD 3.1 Billion from tack-over bid from the global rival Uber , Follows the
Souq.com example deal with Amazon Inc done in last year.
3 Emirates banks could create a new Abu Dhabi's Mega lender with total assets USD 114 Billion , Abu Dhabi Commercial
Bank merger case with Union National Bank and then biding to take over Al Hilal Bank . A sovereign fund of the rich capital
Abu Dhabi Investment Council holds the majority stakes in the three banks with 62.5% in ADCB , 50% of UNB and full shares
of Al Hilal Bank.
The Netherlands's Veon (formerly VimpelCom Ltd) one of the biggest integrated telecommunications in the world continue
to present a new bid to acquires fully shares of the EGX listed Global Telecom Holding raising its current stack from 57.7% to
100% with estimated total value USD 882 mln.
Target %
70% $69.1b
Deal Size
SABIC
The Saudi Arabian Oil Co
Target %
35% $5.8b
Deal Size
OMV Petroleum Pty Ltd
Eni SpA
Abu Dhabi Oil Refining Co
KKR and Co LP
BlackRock Fund Advisors
Target %
40% $4b
Deal Size
ADNOC Oil Pipelines
Sole Proprietorship LLC
Target %
42.3% $0.82b
Deal Size
VEON Ltd
Global Telecom Holding SAE
Careem Networks FZ LLC
Target %
100% $3.1b
Deal Size
Uber Technologies Inc
2017 2018 2019
Deal Count Deal Size Deal Count Deal Size Deal SizeDeal Count
151 125 266$25.6b $38.4b $155.6b

3. Mergers & Acquisitions Report Q1 2019
Deals Breakdown
by Main Sector
MENA OutBounds Target 1Q19
MENA InBounds Target 1Q19
Country Target Deals Count Deals Sum
AE 14 $13.5b
$ 0.90b
Undisclosed
$ 0.04b
Undisclosed
7
4
12
39
2
EG
SA
MA
Others
Total
56 Direct Invesment
Consumer
Industrials
Financials
Services
excl. Banks
Transportation
& Services
Information
Technology
Capital Goods
Banks
Energy
Healthcare
67
29 7
13
14
6
8
8
The top sectors by deals count in 2019 first 3 months the
Consumer Cyclicals sector with sum of 67 deals in MENA
region , Financials - Non-Banks in the second place with total
count 29 deals , Health Care & Pharmaceuticals sectors is
booking the 3hd place with total deal number 14 deals.
Energy, Oil & Gas rearmost in the d eals with total 6 deals.
North America
UK Europe
Africa
South America
Asia & Ausrtralia
Deals Count
Deals Amount
Deals Count
Deals Amount
Deals Count
Deals Amount
Deals Count
Deals Amount
Deals Count
Deals Amount
Deals Count
Deals Amount
14
5
1613$1.78b
$0.5b
$3.08b
7
$0.01b
1
$0.44b
$2.9b

4. Mergers & Acquisitions Report Q1 2019
Saudi Top Deals 1Q2019
UAE Top Deals 1Q2019
Target Company Off. Announce Deal SizeTarget Country AcquirerCountryAcquirer Company
SABIC 27/03/2019SA SA
luxembourg
AE
AE
SA
SA
SA
SA
SA
The Saudi Arabian Oil Co$69.1b
$0.14b
$0.13b
$0.08b
$0.068b
Tenaris SA
United Eastern Medical Services LLC
Aramex PJSC
Taiba Holding Co
26/09/2018
20/03/2019
09/01/2017
13/01/2019
Saudi Steel Pipe Co
Muhaidib Dental Group
Saudi Tal for Commerce
and Contract Co Ltd
Al Aqeeq Real Estate
Development
Target Company Off. Announce Deal SizeTarget Country AcquirerCountryAcquirer Company
Abu Dhabi Oil Refining Co 28/01/2019AE Austria/Italy
US/US
AE
US
AE
AE
CL
AE
AE
OMV Petroleum Pty Ltd/Eni SpA$5.8b
$4b
$3.1b
$ 0.76b
$ 0.5b
KKR and Co LP/ BlackRock Fund
Advisors
Uber Technologies Inc
DP World PLC
International Holdings Co PJSC
24/02/2019
28/02/2019
28/01/2019
13/01/2019
ADNOC Oil Pipelines Sole
Proprietorship LLC
Careem Networks FZ LLC
Puertos y Logistica SA
PAL Cooling Services
The Saudi Arabia 1Q2019 top M&A undisputed is the Aramco & Sabic's 70% deal with size USD 69.1 mln. The Public Investment Fund
betting on Aramco will connect its petrochemicals regional & international markets with SABIC witch will be a positive factor in ARAMCO
USD 2 trillion evaluation.
The 2nd place is for the Luxembourg’s Tenaris SA ( through its subsidiary Tenaris Saudi Arabia Ltd. ) acquires 47.79% of Saudi Steel Pipe Co
from Rabiah and Al Nassar Group with deal value USD 144 mln .
In the 3rd place the Abu Dhabi Health care's United Eastern Medical Services LLC acquires Muhaidib Dental Group for USD 136 mln
In the 4th place the Listed DFM's Aramex PJSC takeover the Saudi Tal for Commerce and Contract Co Ltd for USD 80 mln.
The 5th place the TADWEL's listed Taiba Holding Co raise its stack in Al Aqeeq Real Estate Development to around 97% for approximate USD
68 mln.
2030 Vision & Privatization
In the path of painting new figure for the rich gulf country in 2030 as the part of Crown Prince Mohammed bin Salman Saudi Vision , with
new order to broke-into the entertainment filed , cinema and many radical social changes ,the Saudi Arabia State hints for short list of
Privatization in the way not just ARAMCO, but including flour-milling companies and 20 others enterprises in ports , utilities ,airports and
others.
The UAE 1Q2019 top deals is the consortium between the giant Italian’s Eni Spa and Austrian's OMV Petroleum Pty Ltd to pay USD 5.8
Billion for Abu Dhabi National Oil Co - ADNOC's unit Abu Dhabi Oil Refining Co targeting 35% Stakes ( Eni 20% , OMV 15% ).
-The 2nd big deal also related to ADNOC selling 40% from ADNOC Oil Pipelines Sole Proprietorship LLC to consortium between BlackRock
and KKR, this deal considers the first institutional investors joining forces with a state’s oil producer in MENA region.
In the 3rd place the most popular deal in the region for ride-hailing sector lead Uber Technologies Inc and MENA's rival Careem for USD 3.1
billion, consisting of USD 1.7 billion in convertible notes and USD 1.4 billion in cash. The acquisition of Careem is subject to applicable
regulatory approvals. The transaction is expected to close in 1Q 2020. the 2 companies have many Saudi investor shareholders which could
be important assistant factor to complete the deal. The Saudi Prince Alwaleed bin Talal's investments exists in the 2 entities and this could
back the completion.
-DP World continue its expanding strategy with USD 0.7 billion targeting majority stack in Puertos y Logistica SA which manage 2 largest
multipurpose terminals in Chile. DP world accomplish 2 deals first 3 months in 2019 following completed 7 deals in 2018.
The 5th place for the ADX listed International Holdings Co PJSC ( EX : Asmak ) approve to takeover PAL Cooling Holding full shares for
approximate USD 0.5 billion .

5. Mergers & Acquisitions Report Q1 2019
MENA Startups 1Q17-19 Comparison
2017 2018 2019
Rounds Numbers Funding Sum Rounds Numbers Funding Sum Funding SumRounds Numbers
6 15 32$91.7m $8.5m $235.8m
Egypt Top Deals 1Q2019
Target Company Off. Announce Deal SizeTarget Country AcquirerCountryAcquirer Company
Global Telecom Holding SAE 23/01/2019EG Netherlands
France
EG
EG
EG
EG
EG
EG
EG
VEON Ltd$822m
$75m
$71.6m
$60m
$40.5m
Groupe Lactalis
Undisclosed
Advanced Energy Systems
Egypt Kuwait Holding
06/01/2019
07/02/2019
07/02/2019
27/02/2019
Greenland Group for Food Industries
Soliman Holding Group
for Financial Investments
4 contracted drilling rigs
The Egyptian Salts and Minerals Co.
The top Egyptian deal in 1Q2019 is the Netherlands's Veon Ltd bid to fully acquires Global Telecom Holding SAE from its current stack
57.7% to 100% by deal size USD 822.47 mln ,it means delisting from EGX after 3 decades in Cairo stock markets from 1999.
-Second in the top list the France's Groupe Lactalis offers to takeoff 100% of the Egyptian well know Greenland Group for Food Industries as
a market Cheese and Dairy extension ,The Seller side is the Kuwait Food - Americana for USD 75 mln.
-After that we found giant Transfer of ownership with deal size USD 71.6 mln, Soliman Holding Group for Financial Investments to
undisclosed acquirer.
-In the fourth place Advanced Energy Systems acquires 4 contracted drilling rigs from Texas's Weatherford International with announced
amount USD 60 mln.
-In the Last place in top five the official offer from the dual Listed company Egypt Kuwait Holding EKH to acquires The Egyptian Salts and
Minerals Co. from the Egyptian 1st government bank ,National bank of Egypt NBE with announced deal USD 40.47 mln.
-Two important Deals must be mentioned , the failed of Mega real estate SODIC-MNHD deal which first talks started at April 2018 but failed
after 1 year for conflict evaluation of lands and real estate portfolios , the estimated deal size was around USD 250 mln for 51% capital
stake.
The other important deal is the mandatory offer pushed from The Financial Regulatory Authority FRA from the main owner of Raya Holding
for Financial Investment ""Medhat Khalil"" through its financial arm El Pharonia For Real Estate Investment to acquires 36.7% additional
stack with 42% with deal size USD 25 mln.
New Privatization will
Egyptian Government push the new series of privatization wave after first tranche in the 90's. The Egyptian state unveiled some of it's
ready list of selling shareholder companies including Enpi , Midor , Banque du Caire through IPO's and Private investors.

6. Mergers & Acquisitions Report Q1 2019
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MENA Startups 1Q2019 by Countries
MENA 1Q2019 Top Funding Rounds
AE
SA
EG
KW
Leb
OM
PS
Target Company Off. Announce Deal SizeTarget Country AcquirerCountryAcquirer Company
Emerging Markets
Property Group
03/02/2019AE Netherland/US
SA/NO/JP/AE/US
SA
CA/SA/AE/US
KW
AE
SA
AE
KW
Exor Co/ KCK Group$ 100m
$65m
$10m
$8m
$8m
APICORP/Equinor/Mitsui Soko/Adenium/IFC
Badir
VC partners ,STC Ventures,Wamda,Argo Ventures
Faith Capital
29/01/2019
04/03/2019
25/02/2019
07/01/2019
Yellow Door Energy
Biotech
Yallacompare
JustClean
Rounds countFunding Size
$191m
$23m
$7m
$14m
Undisclosed
$0.5m
$0.1m
12
6
6
4
2
1
1

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Disclaimer
Information in this report is based on official announcements by listed companies, unlisted companies, and government
entities.
All figures and facts referenced in the report have been confirmed from a minimum of two sources, yet Discrepancies in total
values may occur due to analysts’ methodology.
The text in this document is intended solely for general market evaluation purposes. Any decisions based on
Conclusions from this document is the sole responsibility of the reader.
All data and information included in this document are property of DirectFN. Reproduction of any part of this document is
prohibited without written consent.
Report Source
(MENA Market Intelligence Platform)
Prepared by
Mohamed Abd El Meguid
Fundamental Data Team Leader
mohamed.abdelmajeed@directfn.com
Eslam Mohamed Mohsen
Quality Assurance Team Leader
eslam.abdelkhalek@directfn.com