Icon, a subsidiary of Talaat Moustafa Group (TMG), has signed the final agreements to acquire a 39% stake and full management rights in Legasi Hotels, a new company that owns a unique and large portfolio of 7 historic hotels in Egypt. The stake will increase to 51% within a specified period according to the contractual timeline. The deal value is $800 million, which will be reached when the ownership percentage reaches 51% in Legasi Hotels. The deal will be financed through the internal resources of Icon, along with a capital increase of $882.5m by a well-known international strategic investor who will acquire a minority stake in Icon after restructuring. TMG will retain the majority stake. TMG Holding expects the revenues of its portfolio of seven historic hotels, in which it acquired a significant stake, to double and exceed $250m by 2024. These hotels are Marriott Mena House Cairo, Marriott Omar Khayyam Zamalek, Mövenpick Resort Aswan, Sofitel Legend Old Cataract Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, and Steigenberger Cecil Hotel Alexandria. Legasi Hotels was previously owned by the Egyptian General Company for Tourism and Hotels (EGOTH). Legasi Hotels is a joint venture between the Egyptian Subsidiary Fund for Tourism, Real Estate Investment, and Development of Antiquities, and EGOTH. The final subscription agreement was signed in the presence of Prime Minister Mostafa Madbouly, Minister of Planning and Economic Development and Chairperson of the Sovereign Fund of Egypt Hala El-Said, and Minister of Public Enterprise Sector Mahmoud Essmat. The signing took place between TMG, represented by its CEO and Managing Director, Hisham Talaat Moustafa, EGOTH, represented by its Executive Managing Director, and the TSFE, represented by its CEO Ayman Soliman. Moustafa expects the group's revenues to increase significantly with the implementation of renovations, updates, and planned modifications to the business strategy. The group also plans to open new hotels for Icon in the coming years. After the completion of the capital increase of Icon, a portion of that increase will be used to repay its outstanding debts in US dollars. The group aims to invest in these historic hotels to develop and update them, raising their operational efficiency and attracting upscale tourism to Egypt. The development and updates will lead to increased revenues due to higher room rates compared to the current levels achieved by these hotels. This strategic step aligns with the group's growth strategy to solidify its position as a leading player in the luxury hotel sector in Egypt. Icon aims to develop and update its unique hotel portfolio while preserving its historical character. The number of Icon hotels will reach 15, with a hotel room count of around 5,000, including projects under development and construction. The acquisition process aligns with the group's strategy to maximize the company's recurring income activities in the medium term. It will also enhance its foreign currency resources and create additional liquidity for future profit distributions or reinvestment in high-quality recurring income assets. The completion of the deal is subject to fulfilling the pre-closing conditions, and Hermes Financial Group has been appointed as the sole financial advisor for this transaction.