EFG Hermes, an EFG Holding company and the leading Investment Bank in the Middle East and North Africa (MENA), announced today that it acted as sole financial advisor to Egypt Kuwait Holding (EKH), the majority holder of Delta Insurance Company, on the EGP 5.0 billion mandatory tender offer (MTO) by Wafa Assurance to acquire up to 100% of Delta Insurance.
Wafa Assurance, a listed Moroccan company and the insurance subsidiary of Attijariwafa Bank, acquired 97.9% of Delta Insurance Company through a mandatory tender offer for a total acquisition consideration of USD 103 million.
The transaction marks a significant milestone for Egypt’s insurance sector, highlighting the renewed appetite of foreign strategic investors for attractive Egyptian businesses and reflecting growing confidence in Egypt’s foreign direct investment (FDI) landscape. It also underscores the growing interest of international strategic players in the Egyptian Non-Bank Financial Institutions (NBFI) market.
Maged El Ayouti, Co-Head of Investment Banking at EFG Hermes, commented, “We are proud to have advised EKH on this strategic monetization transaction. The deal demonstrates our ability to deliver high-value advisory services and reinforces Egypt’s appeal to international investors, as witnessed in such a competitive bidding process. This marks our third M&A advisory transaction in the Egyptian financial services space in Egypt during 2025 witnessing foreign investments by international investors . We look forward to continuing to support clients as they pursue growth and value monetization objectives.”
The deal structure involved the sale of EKH’s 63.4% stake, with Wafa Assurance ultimately acquiring 97.9% of Delta Insurance via a mandatory tender offer. The transaction underscores the consolidation trend within Egypt’s insurance market and enhances regional investor confidence in the sector.
From a broader perspective, year-to-date, EFG Hermes has advised on 8 M&A transactions, 11 debt capital market (DCM) deals, and 10 equity capital market (ECM) transactions across the region, with notable engagements in Saudi Arabia, the UAE, Oman, and Egypt. These activities highlight the firm’s leadership in regional capital markets and its ongoing role in connecting regional and international investors with strategic opportunities.
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