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Finablr approves takeover bid from Prism in first UAE-Israeli commercial deal

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Marking the first major UAE-Israeli commercial transaction, Finablr, the embattled foreign exchange and digital payment group, announced on Tuesday that that it received an offer from Prism Advance Solutions for the purchase of 100 per cent of the share capital of Finablr and its subsidiaries.

“After due consideration the board has approved the offer and the company will proceed to negotiate a share purchase agreement with Prism documenting the terms of the transaction and seek shareholder and regulatory approval,” the debt-ridden group headquartered in Abu Dhabi said in a statement.

“We are delighted with the Finablr deal, representing it as the first major UAE-Israeli commercial transaction. We are very thankful to the UAE leadership and authorities who have been incredibly supportive of us,” said Guy Rothschild, co-founder and director, Prism Advance Solutions.

“We look forward to working closely with them in the revival of the company. We acknowledge that it’s going to be a challenging journey and that there would be difficulties along the way, but we are confident that with the support from all parties involved we will realize Finablr’s full potential. Finablr offers a huge opportunity in the digital payments space across multiple emerging markets and its assets and proprietary technology positions it for further global growth,” said Rothschild.

Welcoming the new international investors, Abubaker Al Khoori, CEO, Royal Strategic Partners, said the deal would also mark a new era for the UAE and is testament of the UAE leadership vision to building a successful free market economy.

Bhairav Trivedi, group CEO, Finablr, said after months of hard work “under very trying liquidity conditions compounded by the impact of the Coronavirus on our operations, I am excited to now go forward with Prism.”

Trivedi said his management team has done “a stellar job of focusing on our operations” whilst seeking a holistic solution for the group. “Our employees have worked at reduced or zero pay for some months and this deal is only possible thanks to their hard work and sacrifice. We now enter a new chapter in the company’s history.”

“We thank all our clients, regulators, creditors, advisors, and vendors who stood by us during these trying times. We are honoured to be involved in this game-changing transaction in the Middle East,” said.

Michael Tomalin, non-executive chairman, Finablr,  said the deal with Prism offers the optimal solution for Finablr. “I want to thank the board, Bhairav and his management team, our employees, regulators, creditors and advisors for their hard work and support in these past months.”

Prism’s offer has three key elements that will see this transaction successfully completed within four weeks subject to all legal approvals being obtained. These include “restructuring and settlement of the debts of the target and its subsidiaries; provision of working capital for the target and its subsidiaries; and Prism restructuring the board of the target and its subsidiaries.” 

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