Actis, Engie Vie With Blackstone Unit for Egyptian Power Plants
- HSBC, Citi, IFC competing to advise government on the deal
- Pact could help cut debt, encourage further foreign investment
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Actis LLP and Engie SA have joined a unit of Blackstone Group Inc. in competing to take over three Egyptian power plants co-built by Siemens AG, a deal that might spark greater foreign investment in the Middle East’s fastest-growing economy.
Whichever of the six international companies prove successful in their bids will work alongside Egypt’s new sovereign wealth fund, which plans to acquire roughly 30% of the state-owned facilities that cost about 6 billion euros ($6.6 billion) to build and the North African nation inaugurated in mid-2018.