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ADQ And ADNEC Group Enter Into Definitive Agreements To Acquire A 40 5 Percent Stake In TMG Holding s Hospitality Business In Egypt

ADQ and ADNEC Group enter into definitive agreements to acquire a 40 5 percent stake in TMG Holding s hospitality business in Egypt

DQ, an Abu Dhabi-based investment and holding company, and ADNEC Group (“ADNEC”) 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 (“TMG Holding”) hospitality arm, ICON Group (“ICON”) 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.

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