Egypt's ElSewedy Electric to buy four companies in Greece for $62 mln

ElSewedy Electric Co., an Egyptian electrical and wind energy products and solutions provider, is planning to acquire four companies in Greece for a total consideration of 55 million euros ($62 million)

Under the pact, ElSewedy Electric agreed with R.F. Energy S.A, a subsidiary of F.G Europe S.A., to acquire the whole stake of the share capital of four companies in Greece.

ElSewedy Electric said that the companies it intends to buy are three wind parks, which include Aioliki Kilindrias SA, Kallisti Energeiaki SA, and Aioliki Aderes SA and one hydropower company Hydroelectriki Achaias SA.

Subject to the normal terms and conditions of completing similar acquisitions, ElSewedy Electric anticipates the deal to close on or before June 28, 2019.