Latest news with #CatalystPartners
Zawya
6 days ago
- Business
- Zawya
Egypt: Catalyst Partners Middle East approves $56mln share swap deal to acquire Qardy, Catalyst Holding
Arab Finance: Catalyst Partners Middle East, the first licensed special purpose acquisition company (SPAC) in Egypt, has secured shareholder approval to acquire Qardy for Digital Applications and Catalyst Partners Holding in a share swap deal valued at EGP 2.8 billion, as per a press release. The acquisitions were approved during CPME's extraordinary general assembly, with 99.95% of the issued capital represented at the meeting. The vote excluded founders and related parties, in accordance with the approved terms and valuation ratios. The transaction is based on a fair valuation conducted by BDO Keys Financial Consulting, an independent advisor accredited by the Financial Regulatory Authority (FRA). Qardy operates in digital financial solutions, while Catalyst Partners Holding is involved in non-banking financial services. The acquisitions support CPME's plan to build a unified platform in the non-banking financial services sector that serves a range of businesses, from corporates to SMEs and microenterprises. The assembly also approved allocating proceeds from CPME's December 2024 private placement, carried out through a capital increase, to expand Catalyst Leasing's and Catalyst Factoring's activities. The transaction is intended to improve coordination across group companies and support the company's broader approach to financial services, with a focus on fintech and financial inclusion, according to the board of directors. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Finextra
19-05-2025
- Business
- Finextra
Egyptian lending marketplace Qardy to be acquired by CPME in Spac deal
Qardy, Egypt's pioneering digital lending marketplace, is thrilled to announce that it is set to be acquired by Catalyst Partners Middle East (CPME) through a landmark Special Purpose Acquisition Company (SPAC) acquisition, valued at approximately EGP 1.16 billion (USD 23.15 million). 0 This proposed transaction represents Egypt's first-ever SPAC acquisition, positioning Qardy to become the nation's inaugural fintech startup to go public via this innovative structure. Founded in 2022 by Abdelaziz Abdel Nabi, Tamer El-Manesterly, and Aser Yehia, Qardy has rapidly emerged as a trusted platform connecting micro, small, and medium-sized enterprises (MSMEs) with financial institutions. With over 7,000 corporate clients and more than $19 million in facilitated loan transactions, Qardy addresses the critical financing needs of underserved segments within Egypt's economy. 'This acquisition is a testament to our commitment to revolutionizing access to finance for MSMEs,' said Abdelaziz Abdel Nabi, CEO of Qardy. 'Partnering with CPME not only validates our business model but also provides the capital and strategic support necessary to accelerate our growth and expand our services regionally.' The acquisition will be executed through a full share swap, with new shares in CPME issued in exchange for the entirety of Qardy's equity. This transaction follows CPME's recent capital increase to EGP 14 Billion, approved by the Financial Regulatory Authority (FRA), to facilitate such strategic acquisitions. 'Our investment in Qardy aligns with our vision to empower fintech solutions that drive financial inclusion,' said Maged Shawky, Chairman of Catalyst Partners. 'We are excited to support Qardy's mission and look forward to its continued success under our partnership.' This acquisition sets a precedent in Egypt's financial sector, showcasing the potential of SPACs as viable vehicles for high-growth startups to access public markets. It also underscores the growing investor confidence in fintech solutions that address the financing gaps faced by MSMEs.
