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Samou Holding plans $2B Medar acquisition
Saudi company Sumo Holding has announced its potential acquisition of the Egyptian company Midar for Investment and Urban Development, valued at nearly two billion dollars, aiming to secure a stake ranging between 60% and 80%. The deal includes an initial valuation of the Egyptian company between 2.5 and 3 billion dollars, with a goal to complete the transaction by the end of June 2027. Currently, negotiations are ongoing regarding the terms of the deal, especially the payment mechanism, which involves spreading the payment over two years, whereas Midar prefers to pay the amount in a lump sum. Midar was established in 2006 and specializes in developing the cities of Future City and Mady in Cairo. It owns a land portfolio of approximately 11,000 acres and has previous partnerships with major companies and investments.
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