Egypt's Elsewedy Electric buys majority stake in Dutch gas turbine specialist Thomassen Service

Egypt's Elsewedy Electric has acquired a 60% majority stake in Netherlands-based Thomassen Service, a specialist in gas turbine maintenance and repair, in a deal that pushes the El-Sewedy family's industrial empire deeper into the energy services market across the Middle East and Africa.

The agreement was signed by Ahmed Elsewedy, CEO and managing director of Elsewedy Electric, and Peter Hertog, CEO of Thomassen Service, in the presence of Sadek Elsewedy, the group's chairman. The transaction covers Thomassen Service's core operations, its Middle East and Africa subsidiary, its filter manufacturing unit and its Africa-based business.

Thomassen Service brings three decades of specialized expertise in gas turbine inspection, repair and overhaul to the deal. Elsewedy Electric brings scale: a manufacturing and project delivery footprint spanning more than 110 countries, with operations in cables, transformers, renewable energy and engineering. The company posted revenue of $4.58 billion in 2024, up 52.4% from the prior year, with net profit climbing 72.6% to $344.74 million.

Ahmed Elsewedy said the acquisition strengthens Elsewedy's technical capabilities and advances its strategy of providing solutions across the full lifecycle of energy projects, from construction through to long-term maintenance and operation. Hertog said the deal opens new markets for Thomassen and gives it the financial backing and regional footprint to scale.

The strategic rationale runs in both directions. Elsewedy gains specialized turbine expertise it did not have in-house, reducing the need for clients to send equipment overseas for servicing. Thomassen gains access to Elsewedy's project pipeline and regional relationships in markets where gas power generation is growing. The partnership is particularly focused on Gulf Cooperation Council infrastructure, with both companies citing alignment with Saudi Arabia's Vision 2030 industrial development objectives.

To support the integration, Elsewedy Electric is developing two advanced facilities in the United Arab Emirates dedicated to gas turbine component repair and localized engineering. The companies also plan joint investment in turbine technology and technical talent development across the industrial and petrochemical sectors.

The deal extends the El-Sewedy family's position as one of Egypt's most significant industrial dynasties. Sadek Elsewedy, who co-founded the modern iteration of the group, holds a 25.53% stake in Elsewedy Electric valued at approximately $875 million. Ahmed Elsewedy holds a 25.52% stake valued at around $870 million, according to Egyptian Exchange data from early 2026. The company's roots date to 1938 and its current form was shaped by the family's push into cables and energy infrastructure across Africa and the Middle East over the past four decades.