85% of the revolutionary e-payment service has been bought out by an investment alliance in one of the biggest technology acquisitions in Egyptian history.
In one of the largest acquisitions in the field of technology in Egypt and the Arab region, it was announced that $100 million (approximately 773 million LE) is to be paid in the acquisition of the Egyptian startup e-payment company, Fawry. Founded in Egypt in 2009, Fawry provides users with an electronic, safe way to view and pay bills and transfer money via a network of small, local convenience stores and kiosks around the country. The acquisition has seen 85% of the company bought out by an alliance made up of the Egyptian-American Enterprise Fund (EAEF), Helios Investment Partners and the MENA Long-Term Value Fund.
25% of the shares were acquired by the MENA Long-Term Value Fund Enterprise Fund, 40% by Helios Investment Partners and 20% of the shares were acquired by the Egyptian-American Enterprise Fund (EAEF).
Ashraf Sabry, chief executive officer (CEO) of Fawry said “We are excited to partner with our new shareholders to attain our shared vision of expansion, taking advantage of our leading market position and proprietary technology. The management team remains shareholders, demonstrating our confidence in the industry expertise and financial capabilities our new partners bring as we enter a new stage of growth.”
“The partnership with the Consortium will enhance our opportunities to diversify the business and expand beyond the local market, on a regional level and elsewhere in Africa, and reflects the confidence of our investors in Fawry’s leadership in the electronic payment sector. Moreover, our ability to attract international investors underscores the compelling opportunity this sector presents as we continue to innovate and deepen financial inclusion in Egypt.”
Meanwhile, James Harmon, President of the EAEF, added "We are honored to be partners in this prestigious group of investors, as our partners share the same principles that we believe in, in the Egyptian-American Enterprise Fund and have a strong sense of responsibility towards Egypt, and continue to provide local support the Egyptian society. We look forward to working together.”