Ebtikar takes 60% stake in Egypt’s Bee
Ebtikar, a non-banking financial services platform joint venture backed by Egyptian private equity fund manager BPE Partners and MMG Group for International Industry and Trade (MTI), has acquired a 60% stake in TBE Egypt for Payment Solutions and Services, (commonly known as Bee). The transaction, which is reportedly worth EGP156 million (or approximately $8.8 million), is structured as a mix of debt and equity, with Ebtikar purchasing a number of shares, extending a convertible shareholder loan to the company and providing a capital increase to support the company’ expansion plans. Additional terms of the deal were not disclosed.
Bee provides its customers with the ability to pay their service providers including mobile operators and internet providers as well as other end users through a network of over 35,000 retailers in Egypt.
“We are very pleased that Ebtikar’s first investment in the Egyptian market is through the acquisition of Bee,” Said Aladdin Saba, Chairman and CEO of Ebtikar and Co-Founder of BPE Partners. “We envision a great expansion plan for Bee as it ventures into more services and add more clients.” Source: Africa Capital Digest