We have a couple of M&A-related news in MENA to throw at ya this morning…
To start, Amazon (AMZN) bought a 4.25% share in ValU, Egypt's Buy-Now-Pay-Later platform, for $10m. ValU is now valued at $235m as a result of this acquisition. ValU will make some of its consumer finance solutions available to qualified Amazon Egypt customers, allowing them to split the entire cost of their purchases into many payments.
Elsewhere in the region, e& (formerly Etisalat) purchased a 9.8% share in Vodafone Group (VOD) for $4.4b. e& is now the largest shareholder, surpassing BlackRock (BLK), Vanguard Group, and HSBC Holdings (HSBC), and it's said that it intends to remain a long-term stakeholder instead of making an offer for the remaining shares.
Why it matters
M&A activity in the MENA region increased by 11% to $21b in the first quarter of 2022, with $4.3b in activity this year alone. The UAE was the most active of the bunch, accounting for 46% (up 5% from the same period the previous year).
