Gide’s Casablanca office has assisted the Benamour family on the sale of a majority stake in private higher education group HEM (Institut des Hautes Etudes de Management) to Montreal-based LCI Education.
HEM Group is a major player in the private education sector in Morocco, with five campuses throughout the country (including HEM Business School, HEMT, and Med Métiers). HEM was held 80% by the Benamour family and 20% by IFC (World Bank group).
LCI Education is an international network of higher education establishments, with over twenty campuses throughout the world. LCI Education Group, which was already present in Morocco, therefore strengthens its position in Africa.
IFC transferred all its shares, amounting to 20% of the share capital of HEM. The Benamour family transferred 65% of the share capital of HEM. The founder of HEM Group, Mr Abdelali Benamour, will keep a 15% stake.
The closing took place on 29 January 2019 following the approval of the transaction by the Moroccan competition authorities.
Gide assisted the Benamour family, with a team led by partner Simon Auquier, with senior associate Ghita Bourquouquou.
The Casablanca office of Dentons assisted LCI Education.