EFG Hermes Holding, a leading financial services group in the MENA region led by Egyptian banker Karim Awad, successfully advised United International Transportation Company (Budget Saudi) on its acquisition of Al-Jazira Equipment (AutoWorld) for $121 million.
The transaction, executed via Budget Saudi's subsidiary, Al Jozoor Al Rasekha Trucking Company (Rahaal), involved a share swap issuing 7 million new shares to seller SEDCO Holding and other institutional investors, with each share valued at SAR 65 ($17.3).
EFG Hermes enhances M A advisory credentialsKarim Meleka, Co-Head of EFG Hermes' Investment Banking division, highlighted the acquisition's impact on Saudi Arabia's mobility solutions sector. "The combined entity will be a powerhouse in the industry, driving innovation and efficiency," Meleka said. "By unlocking synergies and optimizing operations, Budget Saudi and AutoWorld can enhance service offerings for corporate clients."
EFG Hermes has a notable history of advising on significant M A transactions in the Gulf Cooperation Council (GCC) region. Recent deals include advising Cenomi Retail on the sale of select brands to Abdullah Al-Othaim Fashion Company and assisting MENA discount retailer Kazyon in acquiring a 50 percent stake in Dukan earlier this year.
