Global law firm White & Case LLP has advised Development Partners International (DPI), QI Invest B.V. and GB Finance Lux S.a.r.l on the partial sale of MNT-Halan, one of Egypt's leading consumer finance and microfinance businesses, to a consortium of investors including Apis Partners, African Development Partners III (a London-based private equity fund advised by DPI) and Lorax Capital Partners, amongst other leading venture capital firms in the region.
"We have successfully advised longstanding client Development Partners International as well as the founder of MNT- Halan, Mounir Nahkla, via his vehicle QI Invest, and longstanding MNT-Halan backer GB Finance," said White & Case partner Ken Barry, who led the Firm's deal team. "This partial sell down offers liquidity to the long term MNT-Halan shareholders but also brings in fresh expertise in the form of Apis Partners and Lorax Capital Partners amongst other venture capital firms."
White & Case also advised on the pre-signing bolt-on of Halan Inc., one of Egypt's fastest growing tech start-ups, to MNT Investments B.V in June 2021.
London-based DPI was originally an anchor investor in MNT-Halan, initially investing through its second fund African Development Partners II in 2018. This investment is being made from African Development Partners III (ADP III), a private equity fund advised by DPI. Also investing were venture capital funds Endeavor Catalyst, Middle East Venture Partners and Disrupt Tech.
MNT-Halan is one of Egypt's leading and fastest-growing fintech ecosystems. Founded in 2018, as MNT Investments B.V., the company was created to digitally bank the unbanked and substitute cash with electronic solutions, thereby helping to drive financial inclusion and economically empower underserved communities and population segments. In June 2021 a share swap agreement was announced between MNT Investments B.V. and Halan Inc. and the consolidation of 100 percent of the shares of Raseedy, the first independent and interoperable digital wallet in Egypt, licensed by the Central Bank of Egypt, to form MNT-Halan. MNT-Halan has obtained micro, consumer and nano finance licenses from the Egyptian Financial Regulatory Authority enabling it to provide services to both businesses and consumers across Egypt. It has also obtained the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.
DPI is a pan-African private equity firm with US$2 billion in assets under management. Since the firm's founding in 2007, DPI has invested in 23 portfolio companies across 29 African countries and 17 industries. DPI portfolio companies employ more than 49,000 people, and 18,000 jobs have been created during DPI's investment.
The White & Case team in London which advised on the transaction was led by partner Ken Barry and included associates Oji Adoh and Helen Pantelides.
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