Cairo – Mubasher: Fawaz Abdulaziz Alhokair Company, as well as two other firms of the Saudi Alhokair Family, entered into an agreement to acquire a 4.99% stake in valU, a subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes).
Under the acquisition agreement, Alhokair will pay a total of $12.40 million, putting valU’s valuation at $247.40 million, according to a press release on Monday.
The transaction, which marks Alhokair Family’s first investment in a buy now, pay later (BNPL) platform in Egypt, is still subject to regulatory approvals and certain conditions precedent.
valU will provide its services in the Kingdom through Alhokair’s retail network of more than 1,000 stores in addition to VogaCloset and monobrand websites.
Meanwhile, the BNPL platform aims to scale up its business to include other vendors, retail networks, and merchants to cover the entire Saudi market.
The new contract comes in line with valU’s sale purchase agreement (SPA) with Fawaz Abdulaziz Alhokair’s unit, FAS Labs, for a digital consumer microfinance company. Upon the deal that was signed earlier this month, FAS Labs owned a 65% stake in FAS Finance, while valU held 35% equity.
