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Saudi telecom major stc announced the completion of all procedures related to the sale of its entire 49% stake in Contact Center Co. (CCC) to Arabian Internet and Communications Services Co. (solutions), according to a Tadawul filing today, April 3.
This came after obtaining, on March 6, the General Authority for Competition’s (GAC) go-ahead for solutions' takeover of stc’s stake in CCC.
In a separate statement to Tadawul today, solutions affirmed that all procedures related to the 100% acquisition of CCC have been finalized, at a total enterprise value of SAR 450 million that was financed from solutions’ internal resources.
In its statement, solutions indicated that the relevant financial impact would appear on its financial statements in the second quarter of 2023.
The acquisition aims to enhance growth and lead solutions in the Kingdom’s communications and information technology market. This is besides contributing to the expansion of the business outsourcing sector and providing a suite of comprehensive services to its clients in the region.
CCC is among the companies specialized in the field of business outsourcing in Saudi Arabia. It provides an array of services to a wide and diverse customer base, according to solutions.
In November 2022, solutions signed a binding offer with stc and ESM Holdings to sell their entire stakes in CCC to the former, at a total enterprise value of SAR 450 million, on a cash- and debt-free basis. ESM Holdings owned a 51% stake in CCC, Argaam’s data showed.
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