Vodafone Egypt has signed on Wednesday a memorandum of understanding to acquire a 20 percent stake in each of Bee and Masary — both subsidiaries of non-banking financial services provider Ebtikar.
Under the agreement, Vodafone Egypt will acquire the stakes through a capital increase. The acquisition comes as part of the mobile network operator to ramp up its investments in Egypt and expand its non-banking financial services products.
The companies will now begin the due diligence process, which is expected to take around three months.
Vodafone’s share purchase opens the door for Bee and Masary’s expansion in Africa, B Investments’ IR head Omar El Labban said. Ebtikar is a joint venture between B investments, BPE Partners and MM Group for Industry and International Trade.
Zaki Hashem & Partners is advising Ebtikar, while Alliance Law Firm is providing counsel to Vodafone Egypt on the transaction, according to an emailed statement.
