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Wednesday, 4 October 2017

M&A WATCH- CI Capital acquires Reefy

M&A WATCH- The Sawiris family’s Gemini Holding has sold microfinance player Reefy to CI Capita. CI Capital reached an agreement to acquire a majority stake in microfinance provider Reefy from Gemini Egypt Holding for Financial Investments, CI Capital said in a statement (pdf) yesterday. The company did not disclose details on the size of the transaction. CI Capital aims to integrate Reefy onto its platform of non-banking financial services, which includes Corplease, the statement added. Beltone Financial, the Sawiris-owned investment bank, had previously kicked the tires at Reefy. CI Capital’s acquisition will now await regulatory approval from the Egyptian Financial Supervisory Authority.

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