UAE P2P platform acquired by telecoms giant
UAE-based telecoms giant e& has acquired a majority stake in peer-to-peer lending platform Beehive Group.
Beehive Group was founded in the UAE in 2017 and has delivered more than £220m in loans since then.
It was the first regulated P2P platform in the Mena region, and specialises in business lending in the UAE, while also operating a bank partnership model in Saudi Arabia and Oman.
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The deal – which is subject to regulatory approval – aims to broaden e&’s core value. E&, which used to be known as Etisalat Digital, was established in 1976 as a telecoms company but has since expanded into cloud technology, the internet of things, AI industry solutions, cybersecurity, big data and analytics. It is listed on the Abu Dhabi Securities Exchange, or ADX.
Law firm Allen & Overy advised on the deal, describing it a “strategic transaction.”
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“Acting for e& enterprise on this acquisition is a testament to A&O’s ability to deliver innovative strategic transactions with some of the region’s most high profile and exciting technology businesses,” said Ben Ward, corporate partner at Allen & Overy.
“We are proud to have represented e& enterprise on such a strategic transaction, as part of their journey to create a digitally brighter future.”
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