Saudi Egyptian Investment Company (SEIC) acquires a 34% minority stake in B.TECH. SEIC is a subsidiary of the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund.
Saudi Egyptian Investment Company is acquiring the minority stake from African Development Partners II, a fund advised by Development Partners International (DPI), an investment firm targeting Africa’s high-growth, impact-driven, and innovation-led companies. DPI had acquired 33.3% of B.TECH in 2016 in a $35 million deal.
“Working with SEIC, B.TECH will continue to accelerate its innovative growth strategy, and its digitalization efforts, while scaling new business verticals and existing core operations. B.TECH will also invest in increasing financial inclusion efforts, supported by the growth of B.TECH’s digitally-enabled MiniCash consumer finance services, which will expand customer access to a wide range of financing solutions,” Mahmoud Khattab, Founder and CEO of B.TECH, said.
Khattab also added that the company will invest more in talent, create new jobs, and support the professional development of its employees.
Arqaam Capital and EFG Hermes were the M&A advisors for the transaction whilst the financial advisor was PWC. White & Case and Akin Gump acted as international legal advisors, and Matouk Bassiouny & Hennawy and Zulficar and Partners as local legal advisors who worked successfully as one team to manage this transaction.
B.TECH, an omnichannel retailing platform, was founded in 1997 and is one of Egypt’s largest e-commerce players.
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