Fawaz Abdulaziz Al-Hokair, Salman Abdulaziz Al-Hokair, and Abdul-Majid Abdulaziz Al-Hokair (the Al-Hokair family) have reached an agreement to purchase a 4.99% stake in Valeo for $12.4 million, bringing the valuation of The company amounted to 247.4 million dollars. According to the Egyptian Valeo Company, a subsidiary of EFG Hermes,
According to Arabia Net, Value said in a statement, that after the completion of obtaining regulatory approvals and ensuring that the agreed terms are met, this deal will be the first investment of the Al Hokair family in a buy now and pay platform. Later (BNPL) in Egypt, and represents a major starting point for holding more fruitful strategic partnerships on the regional arena.
The agreement comes in the wake of valeo's announcement of entering the Saudi market through the agreement it signed last week to establish FAS Finance, a joint venture in cooperation with FAS Labs, which owns 65% of the company, while the company owns Valeo will hold the remaining 35%.
This strategic partnership aims to establish FAS Finance that aims to provide advanced lifestyle solutions to shoppers in the Kingdom. Value will launch several financing programs to facilitate payment for shoppers and maximize added value, through a platform Easy-to-use digital one.
EFG Hermes Holding CEO Karim Awad said the collaboration with the Al Hokair family through this transaction puts Valeo, the largest buy-and-pay-as-you-go (BNPL) platform at its disposal. In Egypt, at $247.4 million.
EFG Hermes Holdings succeeded last month in signing an optional right-to-buy agreement with Amazon, under which Amazon agreed to buy $10 million in GDRs issued in the company, provided that have the option to replace that investment with an interest in valeo in the future, equivalent to 4.255% of valeo's issued share capital.