Elm completes acquisition of PIF stake in Thiqah

Logo of Elm Co.

Elm Co. completed the acquisition of the Public Investment Fund’s (PIF) entire stake in Thiqah Business Services Co., after fulfilling the conditions set out in the share sale and purchase agreement (SPA).

In a statement to Tadawul, Elm said that all regulatory procedures related to the acquisition, including the sale and transfer of shares, have been finalized. The purchase price was paid to PIF using the company’s own resources and financing facilities, in accordance with the SPA.

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The financial impact of the acquisition will be reflected in Elm’s financial statements starting from Q2 2025.

The deal is considered a related party transaction, as PIF is a substantial shareholder in Elm. Additionally, the board members, Raed Ismail and Abdullah Al-Salem, have an indirect interest in the acquisition, which has been authorized by the ordinary general assembly on March 17, 2025, the statement added.

In January, Elm signed the SPA with PIF to acquire the fund’s entire stake of 45,000 shares—representing 100% of Thiqah Business Services—at SAR 1,000 per share, Argaam reported.

The transaction is valued at SAR 3.4 billion, excluding certain costs and expenses related to the acquisition.