EAEF Joins a consortium of international investors to acquire majority stake in Fawry
Cairo, Egypt - November 11, 2015
The Egyptian-American Enterprise Fund (EAEF) today announced that it has formed a consortium with Helios Investment Partners (Helios) and the MENA Long-Term Value Fund (MENA LTV Fund) to acquire a majority stake in Fawry, the leading electronic bill payment platform in Egypt. The agreement was reached at a purchase price of EGP 773 million, or approximately US$ 100 million. Fawry provides users with a secure electronic bill presentment and payment services solution, connecting consumers, merchants, governments and financial institutions on a consolidated gateway that is accessible through multiple channels, including Point of Sale (POS) machines, ATMs and mobile wallets.