20 February 2024, Kuwait City, Kuwait – Meysan Partners played a key role in advising UPayments, a prominent online payment solution provider, on the sale of a 51% stake to the National Bank of Kuwait (“NBK”).
This strategic transaction underscores UPayments’ remarkable success in the burgeoning Fintech industry, where they have been instrumental in providing businesses across the GCC with smart, innovative, and hassle-free electronic payment solutions to streamline their collection processes.
Dr. Abdulwahab Sadeq, partner at Meysan, expressed the firm’s satisfaction with the deal, stating, “we are thrilled to have had the chance to support UPayments, the founding partners, and its shareholders through this milestone transaction. Our involvement in the Fintech sector not only highlights the growth of this market in Kuwait but emphasizes its broader impact across the MENA region as well.”
Dr. Sadeq, also added that, “in advising the sellers throughout this transaction, we encountered numerous objections filed by competitors with the Competition Protection Authority (the “CPA”). Our team meticulously addressed each of these challenges, convincingly demonstrating to the CPA the lack of merit in these objections. A great achievement was realized last week when we secured the CPA’s approval, despite the transaction’s completion still pending the Central Bank of Kuwait’s approval. Our regulatory team at Meysan was instrumental in this process, collaborating closely with the CPA to navigate through the difficulties presented by the unfounded claims of third parties, effectively nullifying their arguments.”
Founded in 2016, UPayments has been at the forefront of simplifying business financial transactions with their suite of digital payment services. Targeting businesses and entrepreneurs, UPayments offers flexible, tailored payment solutions that meet their unique demands, complementing businesses of various sizes and natures.
Meysan team was led by corporate partners Dr. Abdulwahab Sadeq and Michel G. Ghanem, and supported by counsel Neyla Rahal. Their expertise and understanding of the sector were key to the successful execution of this transaction, adding yet another significant deal to Meysan’s growing portfolio in the Fintech space.
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