EFG Hermes Holding S.A.E and global e-commerce giant Amazon entered into an option agreement whereby Amazon agreed to reportedly acquire $10 million in EFG Hermes GDRs with the option to replace that investment into valU at a future date, translating into a stake of 4.255% of the issued share capital of valU, based on a current post-money valuation of valU of $235 million.
The option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU, in the form of an independent investment involving third party investors, a sale, or an initial public offering or other listing events, based on the terms and conditions of the transaction agreement.
In connection with the option agreement, valU Consumer Finance S.A.E. (“valU”), a wholly-owned subsidiary of EFG Hermes Holding S.A.E entered into an agreement with Amazon for the Provision of Consumer Financing by valU as a payment method on Amazon.eg, providing these customers with the option to split the total cost of purchases into multiple payments by using valU.
With a current footprint spanning 13 countries across four continents, EFG Hermes Holding has grown into an impact-driven universal bank in Egypt with the leading investment bank franchise in Frontier Emerging Markets (FEM).
Serving over 250,000 active clients in the Arab world’s largest consumer market, Egypt, valU boasts more than 5,330 points of sale, offering customizable BNPL financing plans and access to a wide network of retail and e-commerce providers across diverse sectors, including residential solar solutions, home appliances, electronics, education, travel and home furnishings, among others.
Loading the player...
What’s chef Kelvin’s favorite place to eat in Dubai? Find out