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PIF acquires DPI’s total 33.4% stake in B.TECH for $150m

B.TECH, retailer and shopper finance platform, introduced Monday that the Saudi Egyptian Funding Firm (SEIC), a wholly-owned subsidiary of the Saudi Public Funding Fund (PIF), has acquired all the 33.4% stake of African Improvement Companions II, a fund suggested by Improvement Companions Worldwide (DPI), in B.TECH for $150m.

Sources informed Day by day Information Egypt that the DPI achieved a four-time return on funding in 5 years. DPI adopts an funding coverage for exit that takes 5 to 7 years.

In July 2016, DPI acquired 33.3% of family home equipment retailer B.TECH in a deal value $35m. 

Commenting on the brand new partnership, Mahmoud Khattab, Founder and CEO of B.TECH, mentioned: “In recent times, we now have achieved vital milestones, quickly expanded our e-commerce enterprise and grew our retailer footprint, distribution and repair facilities, whereas additionally enhancing our digital capabilities. I’m happy with how far B.TECH has come and imagine there’s extra we are able to accomplish, all made potential by our incredible workforce and unwavering dedication to serving our clients. DPI has been an impressive accomplice since they joined our journey in 2016, serving to us to evolve and scale our enterprise, and cement our robust place out there. With the SEIC as an investor, we intention to proceed to progress our ambitions.”

Working with the SEIC, B.TECH will proceed to speed up its revolutionary progress technique, its digitization efforts, whereas scaling new enterprise verticals and current core operations. B.TECH will even spend money on growing monetary inclusion efforts, supported by the expansion of B.TECH’s digitally-enabled MiniCash shopper finance providers, which can increase buyer entry to a variety of financing options. The corporate will even make investments extra in expertise, creating new jobs and supporting the skilled improvement of workers. With this new partnership, B.TECH stays properly positioned for robust progress because it continues to progress its digital transformation and increase its shopper providing.

DPI Associate Sofiane Lahmar commented: “B.TECH’s transformation is a testomony to the long-term imaginative and prescient of Khattab. DPI is proud to have supported Khattab and his workforce to seize the alternatives within the Egyptian market and make his imaginative and prescient a actuality. DPI has labored intently with the corporate, serving to to unlock worth by actively supporting its growth and driving a constructive impression on the communities during which the enterprise operates. We’re assured that B.TECH is properly positioned for the longer term because it continues its journey.

Arqaam Capital and EFG Hermes had been the M&A advisors for the transaction while the monetary advisor was PWC. White & Case and Akin Gump acted as worldwide authorized advisors, and Matouk Bassiouny & Hennawy and Zulficar and Companions as native authorized advisors who labored efficiently as one workforce to handle this transaction.


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