Abraaj Group has selected a bidder for the acquisition of its full stake in Spinneys Egypt, with a reported deal value of EGP700mn. The bidder, which was not identified (Savola’s Panda was ruled out), submitted the most competitive offer amongst three bidders. The selected bidder has already started conducting due diligence on the branches of Spinneys to ensure the viability of the investment cost of the deal and the lack of problems in the branches’ licences. The deal is expected to be signed in the coming month once the due diligence process is completed. (Al Borsa)