uwaiti telecoms provider Zain will invest $10 million in Swvl’s newly announced merger with US-based SPAC Queen’s Gambit, ahead of the ride-sharing app’s highly anticipated debut on the Nasdaq, according to a company statement (pdf) to the Kuwaiti bourse. Queen’s Gambit Growth Capital, which bills itself as “100% female-led,” had reportedly raised some $300 million from a group of unnamed investors earlier this year and brought on an additional $45 million in investment through the underwriters’ over-allotment option, valuing Swvl at $1.5 billion. It is not clear from Zain’s sparsely statement whether this $10 million investment is part of that fundraising round or part of another $100 million private investment in public equity (PIPE) that is reportedly in the works and the Wall Street Journal says will include Agility, Luxor Capital Group LP, and Zain Group.
Advisers: Ibrachy&Dermarkar was Swvl’s legal adviser on the merger, while Vinson & Elkins and Shahid Law Firm acted as legal advisers for Queen’s Gambit.
Correction (2 August 2021): A previous version of this story incorrectly said that Shahid Law Firm acted as Swvl’s legal advisor on the merger.