The Arab Company for Internet and Communications Services “Solutions” announced that it has signed a binding offer to acquire 89.49% of Giza Systems Company and acquire the non-owned stake of Giza Systems Company in Giza Arabian Systems Company Ltd., which represents 34%, in cash exchange for the full value of the transaction. The approved ENTERPRISE VALUE for the transaction is $ 158 million.
“Solutions” declared today in a statement on “Saudi Tadawul” that the binding offer will be exclusive between the parties from the date of its signature and for a period of 12 weeks.
Solutions has appointed NCB Capital as financial advisor for the transaction.
According to the statement, the parties agreed that the financial consideration for the transaction would be in full in cash.
The statement indicated that the deal is subject to the necessary government approvals both in Saudi Arabia that in Egypt, including the Kingdom’s General Competition Authority.
In a separate statement, B Investments Holdings announced today that it has accepted Solutions’ binding offer to acquire the entire 44.7% stake. in Giza Systems through an indirect shareholding.
Interestingly, Giza Systems is a leader in information technology and provides services, including integration of systems, applications and emerging technologies, through its offices in Saudi Arabia, the United Arab Emirates, Qatar, Egypt, the United States and others, to serve their customers in more than 25 countries.
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