Basata snaps up stake in MadfoatCom: Local fintech player Basata and the Jordan Kuwait Bank have acquired 27.1% of Jordanian bill payment provider MadfoatCom for an undisclosed sum, Hapi Journal reported, citing unnamed sources.

Basata wanted more: The two buyers were 2.9 percentage points off their target to acquire upto 30% of the Jordanian company in a binding offer submitted in March.

But Basata may soon be back for more: Unconfirmed reports last week said Basata wants to eventually up its stake in the company to 49%.

Advisors: Aniston Capital and Imara Asset Management were reportedly Basata’s financial advisors on the transaction.

Up next: Basata is reportedly planning to expand into the Saudi market through MadfoatCom as it already has the necessary regulatory approval.

** We sat down with Basata Holding CEO Karim Shehata last month for our weekly My Morning Routine section. You can check out our interview here.

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