Vodafone Egypt, the largest mobile network operator in Egypt, has completed the due diligence on both Bee and Masary for e-payments regarding to the acquisition of a 20% stake in each of the two companies, sources familiar with the matter told Al Mal Newspaper.
Accordingly, Bee and Masary are getting ready to submit all the necessary documents related to the acquisition transaction to the Central Bank of Egypt (CBE), in order to obtain the final approvals, the sources stressed.
The acquisition transaction is subject to the Financial Regulatory Authority’s (FRA) approval as well, the sources added, rejecting to reveal the total value of the anticipated transaction.
This deal is expected to accelerate the business volume of both Bee and Masary through benefiting from Vodafone’s expertise and to help the two companies expand regionally.
Moreover, the awaited transaction will enable Vodafone Egypt to boost its investments in the Egyptian market, to provide diversified e-payment solutions, to support digital transformation, and adopting the concepts of financial inclusion in the local market.
In February, Ebtikar Holding for Financial Investments had signed a memorandum of understanding (MoU) with Vodafone Egypt, upon which Vodafone Egypt would raise its stake in Bee and Masary for e-payments to 20% in each company.