Logo of Arabian Internet and Communications Services Co. (solutions)
Arabian Internet and Communications Services Co. (solutions) signed on April 3 a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems.
In a statement to Tadawul, solutions said the transaction will be based on an enterprise value of $158 million, to be paid in cash.
The offer is exclusive between the parties for 12 weeks following the signing, the statement noted, adding that solutions appointed SNB Capital as financial advisor for the transaction.
During the duration of the offer solutions will seek to complete the negotiation and execution of definitive transaction documents, including the sale and purchase agreement (SPA). It also aims to obtain the relevant corporate approvals from both parties.
The transaction is subject to regulatory approvals in Saudi Arabia and Egypt, including the Kingdom’s General Authority for Competition.
“The acquisition represents a significant step in line with the company's international expansion strategy to enter new markets and expand business lines to meet the evolving needs of solutions customers in the Kingdom’s public and private sectors as a leading digital transformation enabler,” the statement noted.
Giza Systems is a leading IT company, providing services including systems and applications integration as well as emerging technologies with offices in Saudi Arabia, UAE, Qatar, Egypt, USA, etc. It serves clients in over 25 countries.
Any material developments in relation to the acquisition will be announced in due course.
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