Startup

Chimera Investments acquires 22% of GB Auto’s affiliate MNT Investments

MNT Investments, a GB Auto subsidiary which is owned by GB Capital, agreed to sell almost 22% stake to Chimera Investments’ Chimprop 2 Investments.

GB Auto is selling a 7.5% indirect stake in MNT Investments for $60 million with an earnout component that could reach $71.3 million. This transaction brings down GB Auto’s indirect stake in MNT to 49.5%

MNT indirectly owns a majority stake in Mashroey and Tasaheel Microfinance which are companies in consumer finance and microfinance operating in Egypt.

Arqaam Capital was the exclusive sell-side financial advisor to GB Auto in this transaction. Chimera Investments acquired a 56% stake in Egypt’s investment bank Beltone Financial earlier this year.

MNT BV, which is a Netherlands corporation and a subsidiary of Ghabbour Auto, entered into a share swap agreement last June with Halan to create FinTech super app MNT-Halan.

The post Chimera Investments acquires 22% of GB Auto’s affiliate MNT Investments appeared first on WAYA.

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