Global law firm Norton Rose Fulbright has advised African-focussed private equity group Development Partners International (DPI) on the EGP 300 million investment into B.TECH, the leading Egypt household appliance and consumer electronics retailer.
DPI has been active in Africa since 2007 and has US$1.1 billion under management. The deal represents the private equity group’s first investment in Egypt. Through its ADP II fund, DPI is acquiring a 33.3 per cent stake in the B.TECH which has 67 stores selling appliances made by global brands to the country’s middle class consumers.
Bayo Odubeko, partner at Norton Rose Fulbright, commented: “We are delighted to work on this matter which represents DPI’s expansion into the Egyptian market. The fund will also allow B. TECH to expand its presence and serve a wider demographic.”
Norton Rose Fulbright has previously advised DPI on a number of transactions.
The transaction represents the second private equity investment closed by Norton Rose Fulbright in Egypt in the last twelve months, having advised Helios Investment Partners LLP and a consortium of investors on the US$100 million buyout of Fawry for Payments, Egypt's leading mobile payments business, a transaction also advised by Bayo Odubeko.
Norton Rose Fulbright’s 30-year track record in Africa places the firm at the centre of developments throughout the continent, with on the ground experience gained from working across 45 African jurisdictions.
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