EFG Hermes’ subsidiary, ValU , announced that Al Hokair family has reached an agreement to purchase a 4.99 percent stake in Valeo for $12.4 million, bringing the company’s valuation to $247.4 million.
Fawaz Abdulaziz Al Hokair, Salman Abdulaziz Al Hokair and Abdul Majeed Abdulaziz Al Hokair have signed the agreement.
After the completion of obtaining regulatory approvals and ensuring that the agreed terms are met, this deal will be the first investment by the Saudi Al Hokair in one of the Egyptian buy now and pay later (BNPL) platforms.
The agreement comes in the wake of ValU’s announcement of entering the Saudi market through the agreement it signed last week to establish FAS Finance, a joint venture in cooperation with FAS Labs, which owns 65 percent of the company, while ValU owns the remaining 35 percent.
