EFG Hermes Consumer Unit Enters $10m Deal With Amazon

EFG Hermes Holdings, through its subsidiary valU Consumer Finance, has entered a $10million deal with Amazon.

valU will serve as a payment method forAmazon’s customers, who will have the chance to split the total cost of purchases into multiple payments using the platform

The company, in a statement, said, “Amazon agreed to acquire $10 million in EFG Hermes GDRs with the option to replace that investment into valU at a future date.” For Amazon, the deal translates into a stake of 4.255 per cent of valU issued share capital, based on a current post-money valuation of valU of $ 235 million.”

“The option will be exercisable before or upon the occurrence of a qualified liquidity event at the level of valU, in the form of an independent investment involving third party investors, a sale, or an initial public offering or other listing events, based on the terms and conditions of the Transaction Agreement,” the statement added.

With presence in 13 countries including Nigeria, across four continents, EFG Hermes has grown over 38 years of success to transform from a pure-play investment bank into an impact-driven universal bank.