EFG Hermes, a leading financial services corporation in frontier emerging markets, announced on Monday that its private equity division’s K-12 education vehicle entered into definite agreements with Talaat Moustafa Group (TMG) to acquire a portfolio of schools in a EGP 1bn deal. The effort is part of a strategic alliance to develop and operate new national and international schools in the cities of Madinaty and Al Rehab in Egypt. GEMS Education, one of the world’s leading providers of private English-language education for students from kindergarten to twelfth grade (K-12) and EFG Hermes’ exclusive education partner in Egypt, will take over the operation and management of the four schools. Students will be able to benefit from our global experience, coupled with access to an extensive network, which offers multiple opportunities for the future,” said Dino Varkey, CEO at GEMS Education. EFG Hermes will finance the equity component of the transaction on its own balance sheet under its merchant banking strategy, as it has successfully done in the European renewable energy sector through its vortex platform.

Source: Daily News Egypt May 29, 2018 07:02 UTC