UAE-based telecoms big e& has acquired a majority stake in peer-to-peer lending platform Beehive Group.
Beehive Group was based within the UAE in 2017 and has delivered greater than £220m in loans since then.
It was the primary regulated P2P platform within the Mena area, and specialises in enterprise lending within the UAE, whereas additionally working a financial institution partnership mannequin in Saudi Arabia and Oman.
Learn extra: Two new IFISAs set to launch
The deal – which is topic to regulatory approval – goals to broaden e&’s core worth. E&, which was once often called Etisalat Digital, was established in 1976 as a telecoms firm however has since expanded into cloud know-how, the web of issues, AI business options, cybersecurity, large knowledge and analytics. It’s listed on the Abu Dhabi Securities Trade, or ADX.
Legislation agency Allen & Overy suggested on the deal, describing it a “strategic transaction.”
Learn extra: London businessman given jail sentence for bounce again mortgage fraud
“Appearing for e& enterprise on this acquisition is a testomony to A&O’s capacity to ship modern strategic transactions with a number of the area’s most excessive profile and thrilling know-how companies,” mentioned Ben Ward, company associate at Allen & Overy.
“We’re proud to have represented e& enterprise on such a strategic transaction, as a part of their journey to create a digitally brighter future.”
Learn extra: European P2P buyers “optimistic” about economic system