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Argaam Tools ×
Budget Saudi acquires stake in Unitrans Infotech Services
On January 26, 2020, United International Transportation Co. Ltd.’s (Budget Saudi) board of directors decided to acquire a 51% stake in its affiliate Unitrans InfoTech Services Pvt. Ltd from India’s GEMINI Software Solutions Pvt. Ltd.
Deal Value | Method of Finance | Type | Status |
0.77 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Stake | Completed |
The Acquiring Party
United International Transportation Co. - BUDGET SAUDI | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Transportation |
*Market Cap (Million SAR) | 5,835.94 |
*Price/Share (SAR) | 82.00 |
The Acquired Party
Unitrans Infotech Services India Private Ltd - Unitrans InfoTech | |
Country | India |
Status | Unlisted |
Argaam Sector | IT Services |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 26-01-2020 |
Expected date for Completion | 30-03-2020 |
Main Details
Budget Saudi’s board of directors decided to acquire the remaining 51% stake in the company’s affiliate Unitrans InfoTech Services Pvt. to protect the intellectual rights of the company’s technical program used in its operations in car rental.
Before completing the transaction, Budget Saudi owned a 49% stake in India-based IT services provider Unitrans InfoTech Services Pvt. Ltd, which owns the intellectual rights of Budget Saudi’s technical program. Furthermore, the company operates, develops and maintain the program.
Note
* The move aims at protecting the intellectual rights of Budget Saudi’s technical program, used in the management of its operations and giving the company full right to develop it
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