Hassan Allam Holding has acquired 60% stake in the Power Generation Engineering and Services Company (PGESCo) for EGP 421 mn, Al Mal reports.

Hazem Barakat, the chairman of the private equity firm BPE Partners, said that the acquired stake belonged to CIB (20%), Saud Consultant (20%), BPE Power (15%), and BPE Partners (5%).

The Electricity Ministry holds the remaining 40% stake in PGESCo.

BPE Partners and other shareholders agreed on the acquisition deal, which will be financed through internal financial resources.

Barakat added that Matouk Bassiouny, independent law firm, was tapped by Hassan Allam to act as the legal advisor to the transaction, while White & Case LLP, international law firm, acted as the legal advisor to PGESCO, and Beltone Securities Brokerage acted as the broker and implementer of the deal.