Egypt’s first SPAC draws closer to striking twin acquisition: Shareholders of the country’sfirst-ever special purpose acquisition company (SPAC) Catalyst Partners Middle East (CPME) signed off on the firm’s plans to fully take over digital lender Qardy and NBFs player Catalyst Partners Holding in a share swap worth a combined EGP 2.8 bn, according to a press release (pdf).

The rationale: This aims to “enhance integration among group entities, and to establish a leading non-banking financial institution focused on fintech and financial innovation, thereby supporting financial inclusion efforts and contributing to the country’s development goals,” the release said.

ALSO- Shareholders approved the allocation of proceeds from the December capital increase to support the expansion of Catalyst Leasing and Factoring activities.

REMEMBER- CPME became Egypt’s first SPAC after receiving the green light from the Financial Regulatory Authority in September 2024, before listing on the EGX two months later. The SPAC is currently listed but there’s no trading activity on its shares.

ADVISORS- CPME tapped our friends at Beltone Holding for their investment banking and brokerage services on the transaction and Matouk Bassiouny & Hennawy as counsel. BDO Keys Financial Consulting will act as independent financial advisor and Grant Thornton as tax advisor.

THERE’S MORE TO THE STORY- EnterpriseAM spoke to Catalyst Partners Chairman Maged Shawky to learn more about the acquisitions and CPME’s future plans earlier this year — check out the story here.

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