ValU signs agreement with Amazon to provide consumer finance
ValU Consumer Finance S.A.E. (“valU”), a wholly owned subsidiary of EFG Hermes Holdings S.A. Subject to the terms of the commercial agreement, valU will make some of its consumer financing products available to eligible customers on amazon.eg, providing those customers the option to split the total cost of purchases into multiple payments using value added.
EFG Hermes and Amazon have entered into an option agreement (the “Transaction Agreement”) whereby Amazon has agreed to acquire $10 million in EFG Hermes GDRs with the option to replace this investment in market capitalization at a future date, translating to a share of 4.255% of value-added issued capital, based on current post-cash valuation of $235 million.
The option will be exercisable prior to or upon the occurrence of a qualifying value-level liquidity event, in the form of a stand-alone investment involving third party investors, sale, initial public offering or other listing event, based on the terms and conditions of the deal agreement.
