MTI acquires 60% of Bee
M&A WATCH- BPE Partners and MTI acquire Bee: BPE Partners and MM Group for Industry and International Trade (MTI) have together acquired 60% of TBE Egypt for Payment Solutions and Services (Bee) for EGP 156 mn along with the company announced in a statement on Tuesday. The transaction was executed through Ebtikar for Financial Investment, a 50-50 joint venture between BPE Partners and MTI. Bee provides bill payment solutions through a secure network and has more than 35,000 outlets across Egypt. “We envision a great expansion plan for Bee as it ventures into more services and adds more clients,” said Aladdin Saba, chairman and CEO of Ebtikar and co-founder of BPE Partners. The transaction will go forward through the purchase of Bee’s shares, extending a convertible shareholders loan to the company, and a capital increase, MTI said in a statement.