General Cable Corp has bought Egyptian cable company BICC Egypt for $21.7 million, the sellers said.

General Cable, a maker of low voltage cables, aims to expand BICC's sales outside of Egypt, according to a statement issued by Sphinx Private Equity, which represented the sellers.

Sphinx, a private equity firm established by Citadel Capital in 2004, said the sellers had made a 38 percent internal rate of return on their investment in BICC.

"They (General Cable) have the scale and intellectual property to grow and develop this business in its local markets and create a production hub for its exports," Sphinx said.

BICC had revenue of 155 million pounds last year, the statement said. Egypt's cable market is dominated by El Sewedy Cables, which had a revenue of 9.29 billion pounds in 2009.   

Analysts say they expect the global cable-making industry to consolidate as firms seek to expand further in emerging markets and take advantage of weaker competitors in the downturn.   

General Cable bought BICC from Egypt's Karnak Investment Fund, which is managed through Sphinx, and from Mansour and Maghrabi Investment and Development. - Reuters