Econet Group is rumoured to be in merger talks with a US-based FinTech Acquisition Corp V for its technology division Cassava. According to a report by Bloomberg, the deal would seek to value Cassava Technologies at around US$4 Billion or more.
Fintech Acquisition Corp V is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
The same report by Bloomberg goes on to say that the transaction might not necessarily result in a merger but when the publication reached out to Cassava Technologies the company said the following.
“We continuously review our capital structure and consider all opportunities. Our primary focus is to continue to strengthen our position as a pan-African technology leader with a clear vision to accelerate Africa’s digital transformation.”Cassava Technologies (via Bloomberg)
It is interesting that news of this would spring up because Cassava Technologies is still fresh out of the box after a rebranding exercise that started with Cassava Smartech assuming the name EcoCash Holdings Ltd. The response from Cassava Technologies was exactly a clear yes or no which means there could be something to this.
It’ll be interesting to see how this all turns out…