Helios acquires stake in Fawry

12 Nov 2015

A consortium of international financial investors comprising the Egyptian-American Enterprise Fund (“EAEF”), Helios Investment Partners (“Helios”, acting on behalf of funds it advises) and the MENA Long-Term Value Fund (“MENA LTV”) (together, the “Consortium”) today announced it has acquired a majority stake in Fawry, an electronic bill presentment and payment platform in Egypt at a purchase price valuing the company at EGP 773 million, approximately US$ 100 million.

Headquartered in Cairo, Fawry provides users with a secure electronic bill presentment and payment services solution, connecting consumers, merchants, governments and financial institutions on a consolidated gateway that is accessible through multiple channels, including Point of Sale (POS) machines, ATMs, post offices, online and through mobile wallets. Since its establishment in 2009, Fawry has been at the forefront of electronic payments in Egypt, providing pioneering, innovative and convenient payment solutions to its customers. The company today processes over one million transactions a day and operates a network of over 50,000 collection points in 300 cities and suburbs across the country.

The diverse Consortium combines depth of expertise within the industry, extensive local experience and relationships, and strong connectivity across Africa and the Middle East. The Consortium will work in partnership with the management team, the International Financial Corporation (“IFC”), and EME International, who will remain shareholders, to accelerate Fawry’s impressive growth trajectory by enabling it to further increase the penetration of its financial services products in Egypt as well as achieve its ambition to expand internationally.

Ashraf Sabry, Chief Executive Officer of Fawry, added: “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 remain shareholders, demonstrating our confidence in the industry expertise and financial capabilities our new partners bring as we enter a new stage of growth.” He further added that: “The partnership with the Consortium will enhance our opportunities to diversity 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.”

EFG Hermes acted as the sell-side advisor and broker on the transaction.

Khodeir, Nour & Taha in association with Al Tamimi & Co. and Norton Rose Fulbright LLP acted as legal counsel to the Consortium. Zaki Hashem & Partners and Ibrachy & Partners acted as legal counsel to the selling shareholders and management.

For more information, please see here.

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