ADQ, ADNEC Group sign definitive agreements to acquire 40.5% stake in TMG Holding’s hospitality business in Egypt

ADQ, ADNEC Group sign definitive agreements to acquire 40.5% stake in TMG Holding’s hospitality business in Egypt

ABU DHABI / WAM ADQ, an Abu Dhabi-based investment and holding company, and ADNEC Group today announced the signing of definitive agreements for the strategic acquisition of a 40.5 percent stake in Egypt-based Talaat Moustafa Group Holding’s hospitality arm, ICON Group through a capital increase. ADQ and ADNEC will invest through a special purpose vehicle, ...

ABU DHABI / WAM

ADQ, an Abu Dhabi-based investment and holding company, and ADNEC Group today announced the signing of definitive agreements for the strategic acquisition of a 40.5 percent stake in Egypt-based Talaat Moustafa Group Holding’s hospitality arm, ICON Group through a capital increase.

ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.

ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt. The Group owns four operational hotels – Four Seasons Cairo at Nile Plaza, Kempinski Nile Hotel Cairo, Four Seasons Sharm El Sheikh and Four Seasons Alexandria at San Stefano – and has three hotels and luxury residential real estate assets currently under development, such as the Four Seasons in Madinaty