Kamco Invest successfully accomplished the acquisition of e-Portal Holding Company – e-Portal, one of Kuwait’s key players in the Information and Communication Technology (ICT) field, by Kuwait Telecommunications Company – stc, a leading regional telecom, and digital solutions provider.
Kamco Invest further added that the acquisition is in line with the stc’s inorganic growth strategy and helps the company in diversifying its customer base and further expanding its solutions beyond traditional telecommunication services.
Via its role, according to Kamco Invest sources, the firm has assisted stc in identifying, shortlisting, assessing, and evaluating potential targets that fit the requirements set out under its strategic objective. Furthermore, the Mergers & Acquisitions team advised stc on the various activities and requirements needed to conclude the transaction.
The activities comprised obtaining regulatory and corporate approvals, performing extensive due diligence processes in addition to drafting and reviewing transaction documents, and liaising with different stakeholders to achieve the desired outcome on behalf of the client efficiently.
Kamco Invest claimed that during 2021, it had successfully managed and closed transactions worth USD 4.8bn, including six landmark M&A transactions. The team acted as the exclusive sell-side advisor for the sale of a 60% stake in a UAE-based pharmaceutical company, in addition to two sell-side mandates in the United States and Egypt.
Kamco Invest also added further that the team powered out the acquisition of a minority stake in a listed company on Boursa Kuwait and facilitated the acquisition of two insurance companies in Kuwait and Jordan by a local insurance group, where Kamco Invest was the exclusive buy-side advisor.
According to Refinitiv’s MENA Investment Banking Review – 2021, throughout 2021, the MENA region witnessed a surge in the total number of M&A deals recorded by 40% in comparison to 2020, reaching the highest annual total deals reported since records began in 1980.
Kamco Invest also added that there is advice on two merger transactions by amalgamation on behalf of its clients, built upon the momentum of M&A activity in the region, which is expected to remain robust throughout 2022. It comprises of merger of Kuwait Projects Company with Qurain Petrochemical Industries Company, as well as the merger of United Real Estate Company with two of its subsidiaries; United Tower Holding and Al Dhiyafa Holding.
Additionally to M&A activity, Kamco Invest’s stated that its Mergers and Acquisitions wing is advising on several sell-side mandates that aim to be concluded throughout the year.
Abdullah M. AlSharekh, Managing Director of Markets and Investment Banking, said, “We are proud to have played a strategic role in successfully meeting and achieving the objectives set by stc from deal sourcing to closing. This transaction builds on our successful track record and comes as a continuation to our M&A activities in 2021.”
He further explained, “The increase in M&A activity within the MENA region indicates the voracious appetite in the market following the pandemic. We expect another active year for Investment Banking across all sectors within the MENA region including M&A, but probably at a slower pace. This will mainly be driven by corporates seeking to finance their expansions, grow inorganically and enhance their competitive advantage while leveraging on the positive market sentiments.”
AlSharekh concluded: “On behalf of Kamco Invest, I would like to thank stc and in particular, the board of directors and executive management, for placing their trust and confidence in us and our ability to successfully facilitate the acquisition and all its proceedings in line with their timeline and requirements. I would also like to thank e-Portal Holding Company for their cooperation and the Competition Protection Authority in Kuwait and Meysan Partners for making this transaction a success.”
Kamco Invest also further added that out of 22 transactions completed in 2021, the firm claims to be an investment banker on deals totaling USD29.2bn since inception; across Equity Capital Markets, Debt Capital Markets, and Mergers & Acquisitions.
