RIYADH: The Saudi Egyptian Investment Co., a subsidiary of the Saudi Public Investment Fund, has acquired 34 percent of Egypt’s omnichannel retailer and consumer finance platform B.TECH, in a deal worth $150 million.
SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International.
B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company.
DPI acquired the 34 percent stake in B-Tech in July 2016 for about $34 million.
B.TECH seeks to increase its revenues by 30 percent this year to about $562 million, as well as to increase its branch count to about 153 by the end of the year.
In 2021, B-Tech experienced a 30 percent growth rate to reach SR444 million, up from SR327 billion in 2020.
B-Tech was able to secure foreign investment in 2017 with a $15 million partnership contract with DPI.
