The Egyptian company B.TECH for the sale of home appliances announced that the Saudi Egyptian Investment Company, which is wholly owned by the Public Investment Fund, will purchase a minority stake of about 34% in B.TECH from the second African Development Partners Fund of International Development Partners.
According to Arabiya Net, no details were given about the value of the acquisition.
The Egyptian B-Tech Company was established in 1997, and it works in the field of selling household and electronic appliances and consumer finance services in Egypt.
Dr. Mahmoud Khattab, Founder, Chairman and Managing Director of B.TECH, said: “In recent years, we have been able to achieve rapid expansions in the e-commerce business, increase the number of our branches, distribution centers and maintenance services, while enhancing our digital and technological capabilities as well, and there is more that we can achieve.” .
Arqaam Capital and EFG Hermes acted as advisors to the transaction, while PwC acted as the financial advisor, White & Case, Akin Jump Law Firm, as the international legal advisors, Maatouk Bassiouni & Hinnawi, and Zulficar & Co. as the local legal advisors. together successfully as a team to manage this transaction.