Tech e& subsidiary buys majority stake in Beehive for $24m By Pramod Kumar August 1, 2023, 5:42 AM e& e& has fully acquired Norway telecom-owned Telenor Pakistan, which serves 45m subscribers e& enterprise, a subsidiary of the UAE’s telecom major e&, has acquired a majority stake in Dubai’s online peer-to-peer lending platform Beehive. The company bought 63.3 percent of Beehive for $23.6 million, according to a statement from e& – formerly known as Etisalat – published on the Abu Dhabi Securities Exchange. “Beehive will be consolidated into e&’s financials effective from August 2023,” the telco added. In May, e& enterprise signed a binding agreement to acquire a majority stake in Beehive, which was founded in 2014 and is based in the Dubai International Financial Centre. Under the terms of the agreement, e& enterprise was to acquire 61 to 69 percent of Beehive at an enterprise value of $35 million through a combination of both primary capital injection and acquisition of existing shares. Last month e& confirmed that it was considering buying a stake in Ethio, a state-controlled operator in Ethiopia. The Abu Dhabi-based company said in a filing to the stock exchange that it was “at an early stage” of assessing a bid. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
