{"id":665555,"date":"2025-05-20T00:00:00","date_gmt":"2025-05-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/20\/the-countrys-first-spac-inches-closer-to-closing-its-first-two-acquisitions\/"},"modified":"2025-05-20T00:00:00","modified_gmt":"2025-05-20T00:00:00","slug":"the-countrys-first-spac-inches-closer-to-closing-its-first-two-acquisitions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/20\/the-countrys-first-spac-inches-closer-to-closing-its-first-two-acquisitions\/","title":{"rendered":"The country\u2019s first SPAC inches closer to closing its first two acquisitions"},"content":{"rendered":"

A look at CPME\u2019s acquisition plans: <\/strong>Impact investor Catalyst Partners\u2019 SPAC Catalyst Partners Middle East (CPME) is set to acquire majority stakes in two companies \u2014 Qardy and Catalyst Partners Holding \u2014 through share swaps, after raising its authorized capital to EGP 14 bn, up from EGP 1 bn. <\/p>\n

CPME\u2019s play: <\/strong>The two acquisitions are intended to drive growth in the target companies\u2019 services including leasing, factoring, and SME lending, Catalyst Partners Chairman Maged Shawky told EnterpriseAM.<\/p>\n

REMEMBER- <\/strong>CPME became Egypt\u2019s first SPAC<\/a> after receiving the green light from the Financial Regulatory Authority in September 2024, before listing on the EGX<\/a> two months later. The SPAC is currently listed but there\u2019s no trading activity on its shares, CPME\u2019s IR Head Osama Rashad told us. <\/p>\n

Acquisition #1: <\/strong>CPME is inching closer to closing the takeover of digital lending marketplace<\/a>Qardy<\/a> in a landmark SPAC transaction worth EGP 1.2 bn, according to a statement (pdf)<\/a>. The transaction is expected to accelerate Qadry's regional expansion and ramp up its growth plans. <\/p>\n

A share swap agreement: <\/strong>Egypt\u2019s first-ever SPAC acquisition will see CPME take full ownership of Qardy through a share swap, issuing new CPME shares in exchange for 100% of Qardy\u2019s equity. <\/p>\n

The details: <\/strong>The fair value of CPME was determined at a total of EGP 235 mn, while that of Qardy is EGP 1.2 bn, and the share swap ratio was set at 3.9 newly-issued CPME shares for every one share of Qardy.<\/p>\n

What we know about Qardy:<\/strong> Founded in July 2022, Qardy is Egypt's first online lending marketplace connecting financial institutions with micro, small, and medium enterprises (MSMEs) seeking funding. Qardy partners with national and commercial banks, as well as leasing, factoring, and microfinance companies, to offer tailored financial programs supporting MSMEs' working capital and expansion needs. The company says it has facilitated over USD 19 mn in loan transactions and serves a client base of more than 7k businesses. <\/p>\n

Acquisition #2: <\/strong>CPME is also gearing up to acquire a majority stake \u2014 potentially up to 100% \u2014 of Catalyst Partners Holding through a share swap valued at EGP 1.64 bn, according to a bourse disclosure (pdf)<\/a>. Catalyst Partners Holding shareholders will receive 32.9 newly-issued CPME shares for each share they hold.<\/p>\n

What\u2019s next:<\/strong> This year, CPME will focus on closing the two acquisitions, setting strategic plans, and injecting fresh capital, Shawky said. He said last year that the SPAC was looking to acquire six to ten companies \u2014 including two fintech and NBFS firms.<\/p>\n

ADVISORS- <\/strong>CPME tapped our friends at Beltone Holding for their investment banking and brokerage services on the transaction and Matouk Bassiouny & Hennawy as counsel, Shawky told us. BDO Keys Financial Consulting will act as independent financial advisor and Grant Thornton as tax advisor, he added. <\/p>\n

MAGRABI TO ACQUIRE KUWAIT\u2019S KEFAN- <\/p>\n

Egypt-born eyewear retailer Magrabi Retail Group is planning to fully acquire <\/strong>Kuwait-based <\/strong>Kefan Optics<\/a><\/strong> for an undisclosed sum, according to a statement (pdf)<\/a>. The transaction, pending regulatory approvals, will see Magrabi add 37 stores to its network, significantly expanding its presence in the Kuwaiti market, and pushing its total store count to more than 350 across the GCC and Egypt by year-end. Magrabi says it will retain the Kefan brand post-acquisition while integrating its own retail and customer service standards into the chain. <\/p>\n

ICYMI- <\/strong>The transaction marks Magrabi's second major retail acquisition in less than a year, following its acquisition of Dubai\u2019s Rivoli Vision<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The two transactions will be executed through a share 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