In a challenging transaction envolving various law fims, I&P represents the managment of Fawry leading to succesful closing of top global investors' acquisition of 73% stake in the home grown e-payments services player Fawry in an EGP 571 million transaction.
Founded in 2009, Fawry processes more than 1 mn transactions a day, operating a network with more than 45,000 agents in 300 cities and suburbs across the nation. The company’s platform allows users to settle everything from electricity and internet bills to Department of Motor Vehicles fees via POS machines, ATMs, post offices, online and through mobile wallets. The acquiring consortium includes Helios Investment Partners (an Africa-focused investment firm managing funds totalling more than USD 3 bn), the Egyptian-American Enterprise Fund (a U.S. government private entity that invests to promote financial inclusion and job creation), and the MENA Long-Term Value Fund. The three acquired c. 8.2 mn shares from selling shareholders including Raya Holding and a number of prominent Egyptian banks; the International Finance Corporation will remain a shareholder post the transaction.