Abu Dhabi’s e& enterprise acquires majority stake in lending platform Beehive – The National

Abu Dhabi’s e& enterprise acquires majority stake in lending platform Beehive – The National

Abu Dhabi's e& enterprise, a subsidiary of technology and telecom company e&, has agreed to acquire a majority stake in Dubai-based peer-to-peer lending platform Beehive, which is focused on lending to small and medium businesses in the Mena region.

The company will acquire between 61 per cent and 69 per cent of Beehive at an enterprise value of $35 million.

This will be through a capital injection and the acquisition of existing shares, the unit of the company formerly known as the Etisalat Group said on Thursday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.