Zulficar & Partners Law Firm is proud to have advised The Sovereign Fund of Egypt (TSFE) on its exceptional landmark transaction of restructuring and privatization of the historic 7 Hotels of Egypt, through a capital increase of a newly established company “Legacy Hospitality Company, SAE” (Legacy), owned by TSFE and EGOTH. The investor is ICON International Hotel Investment, a subsidiary of TMG, and the investment to be made is $800 Million. The capital of Legacy after the capital increase will be in excess of $1.2 Billion. The Transaction Agreements have been signed on 20 December 2023. Three Founding Partners (Mona Zulficar, Dr. Firas El Samad and Anwar Zeidan) and Partner Khaled Hammad, together with a team of associates worked on this transaction. We have worked closely and successfully in partnership with the exceptional TSFE legal and business team. We would like to thank the TSFE team for their leadership and exceptional dedication.
We are delighted to have also worked with our colleagues Prof. Dr. Mohamed Sameh Amr and his team (Amr & Partners Law Firm) representing EGOTH, and Dr. Sarwat Abd El-Shahid and Girgis Abd El-Shahid (Shahid Law Firm), Dr. Hani Sarie-Eldin (Sarie Eldin & Partners Legal Advisors), as well as Dr. Mohamed Abou Shoka (Abou Shoka Law), all representing ICON. We all worked relentlessly to write this unprecedented success story and overcome the challenges of privatization, the restructuring, on both sides for Legacy and ICON, the mega size of the transaction, not only in terms of the value but also seven transactions in one, and its complexity as well as the tight time pressure.
We would also like to thank Kamel Saleh and his team (SBA – Grant Thornton EG), Financial Adviser of TSFE, Mohanad Khaled (BDO Egypt Khaled and Co), Financial Adviser to EGOTH, and EFG Hermes , Financial Adviser to ICON. Thanks are further due to the auditing firms of KPMG (Hazem Hassan & Partners), E& Y Egypt, and Mazars (Mostafa Shawki & Co.).
