Baker McKenzie has advised EFG Hermes and its buy-now-pay-later (BNPL) fintech platform, valU for consumer finance S.A.E (valU), on the planned:
- acquisition by valU of a stake in a new Saudi consumer finance player, FAS Finance, and its joint venture arrangements with FAS Labs Holding, owned by Fawaz Abdulaziz Alhokair & Co (Alhokiar) and Arabian Centres Company (ACC). The deal marks a key milestone for valU, giving it access to a network of thousands of retail stores and mono-brand websites in Saudi Arabia, one of the significant markets in the region; and
- investment by members of Alhokair family in a minority stake in valU. The deal reflects a high level of interest in Egypt's non-banking financial institutions (NBFI) sector and fortifies valU's position as a leading innovator and provider of financial inclusion solutions in the market.
"We are delighted to have advised EFG Hermes and valU on these strategic transactions, expanding valU's footprint in Saudi Arabia while growing its shareholder base with key investors. Truly glad to have worked with such remarkable clients and we look forward to continue to support them", commented partner Hani Nassef (Corporate and M&A, Cairo).
Baker McKenzie's cross-border team advising on this transaction was led by Partner Hani Nassef (Corporate and M&A, Cairo) and Senior Associate Ingy El Kady (Corporate and M&A, Cairo). Partners Mohamed Barakat (Corporate and M&A, Cairo), Nasser B. Alfaraj (Corporate & Securities, Bahrain) and Zahi Younes (Corporate & Securities, Riyadh) advised on the KSA law aspects of the transaction with support from Senior Associate Tamim AlKhudhayri (Corporate & Securities, Riyadh), Associate Yousef Bugaighis (Corporate & Securities, Riyadh), and Trainee Associate Mohammed AlMudimigh (Corporate & Securities, Riyadh). Anti-trust advise was provided by Partner David Monnier (Competition, Riyadh).
The transactions remain subject to customary regulatory approvals.