valU Consumer Finance (valU), a wholly owned subsidiary of EFG Hermes Holding, has entered into an agreement with Amazon for the provision of consumer finance by valU as a payment method on amazon.eg (Commercial Agreement).
valU will make some of its consumer finance products available to eligible customers on amazon.eg, offering those customers the ability to split the total cost of purchases into multiple payments using valU.
EFG Hermes and Amazon have entered into an option agreement whereby Amazon has agreed to acquire $10 million in GDR EFG Hermes with the option to replace that investment with valU at a later date, resulting in an equity interest of 4.255% of the issued share capital of valU, based on a current post-money valuation of $235 million.
The option may be exercised before or upon the occurrence of a value-qualifying liquidity event, in the form of an independent investment involving third-party investors, a sale, an initial public offering or of another listing event, based on the terms and conditions of the transaction agreement.
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