Wednesday, November 13, 2024

OFH Greenlights Major Acquisition Deal with Klivvr Holding

Must read

Orascom Financial Holding (OFH) has provisionally approved an ambitious acquisition proposal by Klivvr Holding, aiming to secure a controlling stake in Klivvr for Electronics Development and E-Payments.

In a recent board meeting, OFH announced its intention to move forward with Klivvr Holding’s offer to acquire 59.4 million shares, representing a staggering 98.99% stake in Klivvr for Electronics Development and E-Payments. This prospective acquisition marks a pivotal moment for both companies, potentially reshaping the landscape of electronic payments and development in the region.

However, the deal is subject to approval from the Central Bank of Egypt (CBE) and other regulatory authorities, emphasizing the importance of regulatory compliance in such high-stakes transactions. The outcome of these approvals will determine the timeline and feasibility of the acquisition.

To ensure a fair valuation of Klivvr for Electronics Development’s capital, the OFH board has entrusted Prime Capital, a reputable independent financial advisor, with the task of assessing the company’s worth. This step underscores OFH’s commitment to transparency and due diligence in the execution of this deal.

Klivvr Holding, a prominent name in the fintech sector, stands to benefit significantly from this acquisition, which aligns with its strategic goals of expanding its market presence and enhancing its service portfolio. Industry analysts are watching closely, anticipating that the successful completion of this deal could lead to more similar transactions in the fintech space, potentially accelerating the adoption of electronic payment solutions across Egypt and beyond.

This acquisition reflects a broader trend of consolidation within the fintech industry, driven by technological advancements and growing consumer demand for efficient, digital financial services. As companies like OFH and Klivvr Holding scale their operations, they are poised to play a vital role in revolutionizing the financial services landscape in the Middle East and North Africa.

Reports

- Advertisement -spot_img

Intresting articles