solutions expects to acquire stakes in Giza Systems, Giza Arabia by Q4 2022

15/08/2022 Argaam

Logo of Arabian Internet and Communications Services Co. (solutions)

Arabian Internet and Communications Services Co. (solutions) received the General Authority for Competition's (GAC) no objection to acquire an 89.49% stake in Giza Systems SAE and 34% in Giza Arabia, a subsidiary of Giza Systems.

 

In a statement to Tadawul, solutions said this is pursuant to GAC’s decision No. 319 published on Aug. 14, regarding the deal.

 

The internet services provider expects the acquisition to complete in the fourth quarter of 2022.

 

The transaction is subject to other regulatory and commercial conditions, the statement said, noting that there is no related party associated with the acquisition.

 

The company will announce any material developments in due course.

 

On June 4, solutions signed a sale and purchase agreement (SPA) to buy 89.49% of Giza Systems - a closed joint-stock company - in addition to 34% of Giza Arabia, for a cash consideration, Argaam earlier reported.

 

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