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Announced

Completed

Swvl went public via merger with Queen's Gambit Growth Capital in a $1.5bn deal.

Financials

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Transaction Value£1,083m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Acquisition

Merger

Transportation Services

mobility startup

Single Bidder

Majority

Friendly

Private Equity

Private

Reverse Takeover

De-SPAC

United Arab Emirates

Cross Border

Completed

Synopsis

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Swvl, a Dubai-based provider of transformative mass transit and shared mobility solutions, went public via merger with Queen's Gambit Growth Capital, the first special purpose acquisition company led by women, in a $1.5bn deal. The deal included an upsized $100m fully committed common share PIPE, led by global strategic and financial investors including Agility, Luxor Capital Group and Zain. "Completing our business combination with Queen's Gambit is a tremendous milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should be a fundamental right for all. As a public company, we plan to build on Swvl's exponential growth to date and proprietary tech-enabled platform, ensuring that underserved populations have access to solutions that are safe, convenient and affordable. In turn, we will leverage our best-in-class team, established partnerships and proprietary tech stack with differentiated solutions," Mostafa Kandil, Swvl Founder and CEO.

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