The United Arab Emirates food and beverages group Agthia has completed the acquisition of a 60% stake in Abu Auf, which specializes in the manufacture and sale of coffee products and healthy snacks in Egypt, at a value of EGP 2.9bn. Abu Auf founders retain a stake of 30% in the company and continue to lead the group. Alan Smith, CEO of Agthia, said that the acquisition is an important step for Agthia Group, as it plays a major role in strengthening its presence in the snacks and healthy foods market. Ahmed Auf, CEO of Abu Auf, said that the completion of the deal is a step to start the next phase of the growth process, with a focus on strengthening Agthia’s position in the snack food market. Freshfields Brockhaus Dringer acted as international legal advisor, Maatouk Bassiouni & Hinnawi acted as legal advisor in Egypt to Agthia, and CI Capital acted as financial advisor to Agthia.

Source: Daily News Egypt December 02, 2022 11:52 UTC