King & Spalding advised Saudi Geidea, the leading provider of electronic payment solutions and financial technologies in the Kingdom of Saudi Arabia, on the sale of a strategic stake in the company to Gulf Capital, one of the largest and most active alternative asset managers in the Middle East.
The total transaction value exceeds SAR1 billion ($270 million) and constitutes the largest acquisition in the Saudi fintech sector to date. Geidea was established in 2008 with branches in Jeddah, Dammam, Abha and Tabouk in addition to 35 maintenance centers in different areas of the Kingdom. The company also has a research and development center in Bangalore, India. Gulf Capital is one of the leading alternative asset management firms in the Middle East, investing across several asset classes including Private Equity, Private Debt and Real Estate and currently manages over AED 14.7 billion (US$4 billion) of assets across 10 funds and investment vehicles.
The King & Spalding team advising Geidea on the matter included Dubai-based corporate partners Nabil Issa and Osama Audi and associate Yousef Farsakh as well as London-based corporate partner Ilan Kotkis.