MM Group acquires 60% of Bee for EGP 156m
MM group for Industry and International Trade S.A.E (MTI) Group has announced the approval of the acquisition of 60% of the shares of TBE Egypt for payment and payment services (Bee) through the purchase of shares and the provision of a transferable facility to the shares of the capital increase with a total transaction of EGP 156m in partnership with Ebtikar for Financial Investment Company, in which MM Group holds 50%.
TBI Egypt is the leading technology in payment solutions, providing customers with convenient billing solutions through its secure network linking its customers with many service providers.
The company focuses primarily on the development and innovation of secure and convenient payment solutions in the Egyptian market to reach its customers in all regions through its wide channels and networks, including ATMs, mobile wallets, commercial outlets, post offices and even small grocery stores.
It has a strong presence in the Egyptian market by leveraging its services in more than 35,000 outlets around Egypt and through its partnership with several service providers.
According to Khaled Mahmoud, Chairman and Managing Director of MTI said that investing in TBI Egypt will increase the company’s market share in the non-banking financial services and electronic payments sector, expand our reach to the retail sector and cover the market further, diversify our activities and expand In the local market.
He added that in partnership with Ebtikar Investment Finance, we will be able to become a strong player in the field of electronic payment and work on the government initiative and focus on more financial coverage in the Egyptian market.
“We are very pleased that Ebtikar’s first investment in the Egyptian market is through the acquisition of Bee,” said Aladdin Saba, the chairperson and CEO of Ebtikar and cofounder of BPE Partners. “We envision a great expansion plan for Bee as it ventures into more services and add more clients.”
On a related note, Hazem Barakat, the founding partner and chairperson of BPE Partners, also expressed his excitement for the new deal, adding that “BPE Partners has been interested in the non-banking financial service sector for quite some time, and we are pleased that the first investment in this sector is through Bee.”