Norton Rose Fulbright advises on agreement to acquire a majority stake in leading Egyptian mobile payments provider Fawry
Business | November 11, 2015
Global law firm Norton Rose Fulbright has advised a consortium of international financial investors, comprising 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 Fund) (the Consortium) in relation to a conditional agreement to acquire a majority stake in Fawry, the leading electronic bill and payment platform in Egypt. The purchase price values the company at EGP 775 million, approximately US$ 100 million.
The Consortium will work in partnership with the management team and the International Financial Corporation (IFC), who will remain a shareholder, to accelerate Fawry’s 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.
The Norton Rose Fulbright team was led by partner Bayo Odubeko and was assisted by Andrew Savage, Tessa Svennevik, Kiran Radhakrishnan, Louise Finnegan, and Lelo Majozi-Motlogeloa.
Al Tamimi & Co. provided Egyptian law advice to the Consortium. Zaki Hashem and Ibrachy & Partners acted as legal counsel to the selling shareholders and management.
Bayo Odubeko commented:
“We are delighted to have advised on this significant transaction which will allow the Consortium to further develop Fawry’s leading position in the payments sector in Egypt and around the world. The payments sector in Africa is fast growing and we have been exceptionally active across the continent in advising companies on transactions in this rapidly developing industry.”
In October 2015, a Norton Rose Fulbright team lead by Bayo Odubeko advised Nigeria’s largest mobile payment company Paga on its latest financing round.
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Louise Nelson, Senior PR Manager
Tel +44 20 7444 5086; Mob: +44 7909 684893
louise.nelson@nortonrosefulbright.com
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