Egypt transport start up Swvl to list on Nasdaq after Queen's Gambit merger (updated)

Swvl Holdings

28/07/2021 17:16

(Adds Dubai headquarters)
    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 moved headquarters to Dubai in late 2019,
describes itself as the first $1.5 billion unicorn from the
Middle East to list on the exchange, where it will have the
ticker symbol SWVL.
    Swvl, 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.

    

 (Reporting by Ehab Farouk, writing by Nafisa Eltahir; editing
by David Evans)
 ((Nafisa.Eltahir@thomsonreuters.com;))