Saudi CPC acquires Egypt's Sphinx Glass for $180 mn

Saudi Construction Products Holding Company (CPC) has acquired Sphinx Glass from Egyptian private equity firm Qalaa capital (formerly known as Citadel Capital) in a deal worth LE1.3 billion (roughly $180 million), the signatories announced at a press conference on Tuesday.

The acquisition deal is part of CPC's expansion strategy in the Middle East and North Africa region and Qalaa's strategy to sell off their non-core projects.

Sphinx Glass is a float glass plant established in Egypt in 2008 by Glassworks, a platform company of Citadel Capital, a leading investment company in the Middle East and Africa.

“We are investing in Egypt as we expect a boom in development projects in the country and as part of our expansion in the region,” Al-Motaz Al-Sawaf, CEO and deputy chairman of CPC, said.