Bill Gates is leading a group of U.S. investors committing $1 billion for a stake in construction and fertilizer company OCI NV in one of Egypt's largest foreign currency inflows since the 2011 uprising, Bloomberg reported.
OCI will absorb all local stock and global depositary receipts of Orascom Construction Industries under a share exchange offer that has attracted more than $2 billion in commitments, said the company, which is relocating from Cairo to Amsterdam. Its shares will be traded in both locations.
Orascom landed nearly $50 million in tax credits from the state of Iowa
in September to build a $1.4 billion fertilizer plant in Lee County. Later that same day, the company announced that it would buy Des Moines-based The Weitz Co. for an undisclosed price.
Microsoft Corp. co-founder Gates' Cascade Investment LLC joins Southeastern Asset Management and Davis Selected Advisers in helping fund expansion in Egyptian infrastructure projects as well as other activities. Read more.