Egypt transport start up SWVL to list on Nasdaq after Queen's Gambit merger

Swvl Holdings

28/07/2021 17:02

CAIRO, July 28 (Reuters) - Egyptian transport start-up SWVL
said on Wednesday it was combining with U.S. special purpose
acquisition company Queen's Gambit Growth Capital  GMBT.O  in a
merger that would allow the company to list on the Nasdaq stock
exchange.
    The company, which operates buses along fixed routes and
allows customers to reserve and pay for them using an app and
operates in 10 countries including Egypt, Kenya, and Pakistan,
will have a fully diluted equity value of $1.5 billion upon
completion of the transaction, it said.
    The transaction will provide $445 million in proceeds to the
company which it will use to expand to 20 countries by 2025, it
said, adding that the company will be listed as SWVL on the
exchange.
    

 (Reporting by Nafisa Eltahir; editing by David Evans)
 ((Nafisa.Eltahir@thomsonreuters.com;))