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

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Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
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