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EFG-Hermes Holding, Amazon inks investment agreement

Supplied photo
Supplied photo

EFG Hermes and Amazon entered into an option agreement whereby Amazon agreed to acquire $10 million in EFG Hermes GDRs with the option to replace that investment into valU at a future date.



by

A Staff Reporter

Published: Sat 14 May 2022, 10:24 PM

Last updated: Sat 14 May 2022, 10:26 PM

valU Consumer Finance (valU), a fully-owned subsidiary of EFG Hermes Holding entered into an agreement with Amazon for the Provision of Consumer Financing by valU as a Payment Method on amazon.eg (Commercial Agreement).

valU will make some of its consumer financing products available to eligible customers on amazon.eg, providing these customers the option to split the total cost of purchases into multiple payments by using valU.

EFG Hermes and Amazon entered into an option agreement whereby Amazon agreed to acquire $10 million in EFG Hermes GDRs with the option to replace that investment into valU at a future date, translating into a stake of 4.255 per cent of the issued share capital of valU, based on a current post-money valuation of valU of $235 million.

The option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU, in the form of an independent investment involving third party investors, a sale, or an initial public offering or other listing event, based on the terms and conditions of the transaction agreement. — business@khaleejtimes.com


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