e& Enterprise to Acquire Majority Stake in Peer-To-Peer Lending Platform Beehive

e& Enterprise has signed a binding agreement to acquire a majority stake in Beehive Group, the leading crowdfunding platform in the MENA region. The acquisition will see e& Enterprise acquiring a 61 per cent - 69 per cent stake in Beehive at an enterprise value of USD 35 million.

Highlights

  • Beehive is the leading crowdfunding platform in the region, founded in 2014.
  • The acquisition will see e& Enterprise acquiring a 61 percent -69 percent stake in Beehive.
  • Completion of the transaction remains subject to regulatory approvals.

Follow Us

e& Enterprise to Acquire Majority Stake in Peer-To-Peer Lending Platform Beehive

e& Enterprise, a subsidiary of Emirates Telecommunications Group Company "e&", has signed a binding agreement to acquire a majority stake in Beehive Group, "Beehive", the first regulated online marketplace for peer-to-peer lending to SMEs in the MENA region, according to a regulatory filing with Abu Dhabi Securities Exchange.




Also Read: e& Discusses Board Changes at Vodafone Group as It Further Increases Stake

e& Enterprise Stake in Beehive

The acquisition will see e& Enterprise acquiring a 61 per cent - 69 per cent stake in Beehive at an enterprise value of USD 35 million through a combination of primary capital injection and acquisition of existing shares. The financial impact is expected to be immaterial to the Group's consolidated financials, and the transaction will be paid in cash.

Beehive

Beehive, which was founded in 2014 and based in the Dubai International Financial Centre, is the leading crowdfunding platform in the region. It connects creditworthy businesses seeking finance with investors, both private and institutional.

According to the statement, The company does not take on any credit risk, which is entirely borne by the investors. Completion of the transaction remains subject to regulatory approvals, customary closing conditions, and administrative procedures.

Also Read: Emirates Telecom to Acquire Majority Stake in Uber’s Careem Super App for USD 400 Million

Acquisition to expand presence in fintech industry

The acquisition of Beehive by e& Enterprise is a significant milestone in the company's efforts to expand its presence in the region's fintech industry. The move will enable e& Enterprise to tap into the high-growth potential of the peer-to-peer lending market in the MENA region and leverage Beehive's expertise and knowledge in the space.

Reported By

Telecom Analyst

Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.

Recent Comments

Kiran Fernandes :

I support this. 500MHz in the 6GHz band with 4x4 MIMO and 4096QAM would give some staggering speeds for the…

Global Tech Firms May Challenge India's 6GHz Spectrum Decision in…

Sujata :

Airtel does the most, jio is most efficient in this case as per my own experience, don't have vi, can't…

Jio, Airtel, Vi and BSNL Asked by Govt to Trial…

Vijay :

Unless data boosters, we can do only data packs on top of voice sms packs right for internet purpose?

Jio Data Packs will Work on Top of SMS and…

Load More
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments