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Helios-led club deal values Fawry at $100mln

Helios Investment Partners has joined the Egyptian-American Enterprise Fund and the MENA Long-term Value fund to acquire a majority stake in Fawry in a deal that that values the Egyptian e-payment services company at $100 million. According to Amwal Al Ghad, Helios acquired approximately 40% of the shares, with MENA Lon-term Value and the Egyptian-America Enterprise Fund taking 25% and 20% of the shares respectively. Management will retain 10% of the shares with the balance being owned by the IFC.

Fawry is headquartered in Cairo, and provides its users with secure electronic bill presentment and payment services. It was founded in 2009 and now processes over one million daily transactions from a network of 50,000 collection points in 350 cities and suburbs in Egypt. The company’s services include collection services, customer acquisition, electronic cash, payment facilitation, and business-to-business collection centres. In 2014, Fawry’s revenues hit EGP 210 million or $30 milllion, and the company served more than 15 million customers.

“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” said Ashraf Sabry, Fawry’s CEO. “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 acted as legal counsel to the acquiring consortium. Zaki Hashem & Partners and Ibrachy & Partners acted as legal counsel to the selling shareholders and management.

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  1. Weekly Wrap, November 16th, 2015; Helios, Abraaj, Adenia and others make private capital news last week | Africa Capital Digest

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