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Solimo Holding plans $2B Medar Egypt acquisition
Saudi company Sumo Holding is planning to initiate due diligence procedures for the Egyptian company Midar for Investment and Urban Development at the beginning of 2027, with the goal of acquiring a stake ranging between 60% and 80% of its capital for approximately two billion dollars. The preliminary valuation of the company is estimated between 2.5 and 3 billion dollars. The two companies are currently negotiating the terms of the deal, particularly regarding the preferred payment mechanism by Midar, which favors a two-year payment timeline. Midar operates as a major real estate developer in East Cairo, owning extensive land holdings and participating in large-scale projects. It has previously collaborated with regional companies and investors such as Emaar and Majid Al Futtaim. The transaction aims to strengthen Sumo's presence in Egypt’s real estate development market, with a tentative agreement expected to be signed before the end of the year to complete the deal by June 30, 2027.
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