CashU Acquired by its Management and Genero Capital

UAE, Dubai,23 December 2015

Souq Group Ltd. announced today the full sale of CashU Inc., a leading MENA focused online payment business established in 2003, at an undisclosed value.

The acquisition was done through a management buyout ("MBO") led by CashU's General Manager, Mr. Thaer Suleiman, and Genero Capital LLC, who jointly acquired the entire business of CashU.

Genero Capital is a Dubai based Investment Company focused on Corporate Finance Advisory and Private Equity Investments in MENA.

Tamer Bazzari, CEO of Genero Capital, who will serve as the Chairman of the board of directors of CashU, commented, "This transaction is an excellent fit with Genero's strategy to partner with accomplished entrepreneurs in areas where we can add significant value. This is the first MBO deal in MENA supported by a financial sponsor and should encourage more entrepreneurs to consider such a structure".

Mr. Suleiman who joined CashU in 2010, emphasized that CashU's plans are consistent with most of the region's Central Banks' visions of developing a "Cashless Society". With CashU's 12 years of experience in MENA, we understand how to build products and offer services that best suit the buying behaviors of the end users residing in the Arabic speaking markets.

Genero Capital served as the exclusive financial advisor to the management while Morgan, Lewis & Bockius (Dubai) acted as international legal counsel for the acquirers.

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For Further Information, and press interviews / queries:
Rushdi Sammakieh, Vice President
Genero Capital LLC Contact:
Email: rushdi.sammakieh@genero.ae
Tel: +97143546311