FILE - CEO of Egypt's Sovereign Fund Ayman Soliman
CAIRO - 18 September 2022: The Egyptian education platform (EEP), the provider of education services in Egypt, and the Egyptian sovereign fund (TSFE), have acquired a majority stake in Selah ElTelmez Company (SET), a developer of educational content from kindergarten through high school.
Under the deal, the sovereign fund will acquire a minority stake in the educational content provider.
The agreement includes acquiring 56 percent of the shares of the Egyptian SET company for about LE 500 million, according to news websites.
“Our primary goal in entering into this partnership is to take advantage of the current wide range of technological developments available globally,” CEO of the Egyptian Sovereign Fund, Ayman Soliman, said.
Soliman added that this investment complements the Egyptian Sovereign Fund’s education investment strategy to provide a broad segment of Egyptians with innovative and affordable educational solutions aimed at supporting Egyptian students in meeting their learning challenges.
The sovereign fund also seeks to increase returns and create wealth for future generations through several axes, including achieving sustainable returns through investments that are closely related to Egypt’s priorities, he added.
White & Case acted as the legal advisor to the Student Weapon platform, Adsiro-Raji Soliman & Co. provided legal advice to the Sovereign Fund of Egypt, and Al Tamimi & Company acted as the sell-side legal advisor.
Founded in 2019, the Egyptian education platform EEP is backed by a diverse group of regional and global investors including EFG Hermes and the Egyptian Sovereign Fund.
The Egypt Education platform has seen significant growth over the past three years with its portfolio currently covering a diversified group that includes around 18 national and international schools, operating across Cairo and Alexandria under different brand names such as “Hayat” and “GEMS” schools.
SET was founded in 1960 by Hamdi Mostafa and has grown over the past 60 years to become an educational guide for students from Kindergarten to Grade 12, especially in the elementary grades in various subjects.