Beltone acquisition of microfinance player Reefy is still on, could take place in 1H2018

M&A WATCH- Beltone Financial’s acquisition of microfinance firm Reefy is still on andwill take place in 1H2018, Beltone chairman Sameh El Torgoman told Al Masry Al Youm on Saturday. Beltone’s planned EGP 105 mn acquisition of 70% of Reefy had been put in question last week when El Torgoman suggested that the investment bank might shelf the M&A in favor of focusing on expanding internationally. He had said yesterday that acquiring Reefy was part and parcel with plans to expand in non-banking financial services. Beltone won regulatory approval for the transaction in November 2016. Pharos Holding is independent financial advisor on the transaction.