By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s IDA gears up to provide its services for investors online
    Egypt’s IDA gears up to provide its services for investors online 
    March 29, 2023
    Egypt. Germany discuss promotion of cooperation in communications, digital transformation
    Egypt, Germany discuss promotion of cooperation in communications, digital transformation
    March 29, 2023
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    March 29, 2023
    Volatile trading on EGX amid anticipation of interest rate movement
    Volatile trading on EGX amid anticipation of interest rate movement
    March 29, 2023
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    March 29, 2023
  • Politics
    PoliticsShow More
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    March 29, 2023
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    March 29, 2023
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    March 29, 2023
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    March 29, 2023
    Egyptian Health Minister directs accelerating completion of New Heart Institute in El-Shorouk 
    Egyptian Health Minister directs accelerating completion of New Heart Institute in El-Shorouk 
    March 29, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: PIF acquires DPI’s entire 33.4% stake in B.TECH for $150m
Share
Notification
Latest News
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Business
Volatile trading on EGX amid anticipation of interest rate movement
Volatile trading on EGX amid anticipation of interest rate movement
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > PIF acquires DPI’s entire 33.4% stake in B.TECH for $150m
Business

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

Fatma Salah
Last updated: 2022/10/03 at 6:28 PM
By Fatma Salah 3 Min Read
Share
PIF acquires DPI's entire 33.4% stake in B.TECH for $150m
SHARE

B.TECH, retailer and consumer finance platform, announced Monday that the Saudi Egyptian Investment Company (SEIC), a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF), has acquired the entire 33.4% stake of African Development Partners II, a fund advised by Development Partners International (DPI), in B.TECH for $150m.

Sources told Daily News Egypt that the DPI achieved a four-time return on investment in five years. DPI adopts an investment policy for exit that takes 5 to 7 years.

In July 2016, DPI acquired 33.3% of household appliances retailer B.TECH in a deal worth $35m. 

Commenting on the new partnership, Mahmoud Khattab, Founder and CEO of B.TECH, said: “In recent years, we have achieved significant milestones, rapidly expanded our e-commerce business and grew our store footprint, distribution and service centers, while also enhancing our digital capabilities. I am proud of how far B.TECH has come and believe there is more we can accomplish, all made possible by our fantastic team and unwavering commitment to serving our customers. DPI has been an outstanding partner since they joined our journey in 2016, helping us to evolve and scale our business, and cement our strong position in the market. With the SEIC as an investor, we aim to continue to progress our ambitions.”

Working with the SEIC, B.TECH will continue to accelerate its innovative growth strategy, its digitization efforts, while scaling new business verticals and existing core operations. B.TECH will also invest in increasing financial inclusion efforts, supported by the growth of B.TECH’s digitally-enabled MiniCash consumer finance services, which will expand customer access to a wide range of financing solutions. The company will also invest more in talent, creating new jobs and supporting the professional development of employees. With this new partnership, B.TECH remains well positioned for strong growth as it continues to progress its digital transformation and expand its consumer offering.

DPI Partner Sofiane Lahmar commented: “B.TECH’s transformation is a testament to the long-term vision of Khattab. DPI is proud to have supported Khattab and his team to capture the opportunities in the Egyptian market and make his vision a reality. DPI has worked closely with the company, helping to unlock value by actively supporting its expansion and driving a positive impact on the communities in which the business operates. We are confident that B.TECH is well positioned for the future as it continues its journey.

Arqaam Capital and EFG Hermes were the M&A advisors for the transaction whilst the financial advisor was PWC. White & Case and Akin Gump acted as international legal advisors, and Matouk Bassiouny & Hennawy and Zulficar and Partners as local legal advisors who worked successfully as one team to manage this transaction.

You Might Also Like

Egypt’s IDA gears up to provide its services for investors online 

Egypt, Germany discuss promotion of cooperation in communications, digital transformation

Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador

Volatile trading on EGX amid anticipation of interest rate movement

Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt

TAGGED: B.TECH
Share this Article
Facebook Twitter Email Print
Previous Article D-CAF celebrates its tenth anniversary with over 20 groundbreaking performances and exhibitions D-CAF celebrates its tenth anniversary with over 20 groundbreaking performances and exhibitions
Next Article World Bank offers Egypt $400m to decarbonize logistics, transportation sectors World Bank offers Egypt $400m to decarbonize logistics, transportation sectors
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?