Jahez signs SPSA to acquire 76.6% of Qatar’s Snoonu

Logo of ​Jahez International Company for Information System Technology

Jahez International Company for Information System Technology signed a share purchase and subscription agreement (SPSA) on July 9 to acquire a 76.56% stake in Snoonu Corporation Holding LLC for $245 million, or SAR 919 million, according to a statement to Tadawul

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Under the agreement, Jahez will acquire 8.14 million shares, representing 75% of Snoonu’s share capital, from existing shareholders for $225 million (SAR 844 million), funded through a combination of cash and Jahez treasury shares. Additionally, Jahez will subscribe to 723,960 newly issued shares in Snoonu, representing a further 1.56% stake, for an additional $20 million (SAR 75 million) in cash.

In addition to the $225 million purchase price, Jahez will pay $214 million (SAR 802 million) in cash to Snoonu’s current shareholders and transfer 1.54 million of its treasury shares, representing 0.73% of its share capital, to Al-Hajri. The remaining $20 million (SAR 75 million) will be injected into Snoonu as part of the subscription for the new shares.

The deal is expected to close in the second half of 2025. Jahez will hold 76.56% of Snoonu’s share capital, while Snoonu’s founder, Hamad Al-Hajri, will retain the remaining 23.44%, the statement said. The deal remains subject to regulatory approvals and other customary conditions.

Snoonu is valued at QAR 1.17 billion ($320 million) under the transaction, making it the first Qatari startup to surpass a QAR 1 billion valuation. The valuation includes Jahez’s $20 million capital injection, which will support Snoonu’s expansion plans and innovation initiatives across its platforms.

Upon completion of the transaction, Snoonu will continue to operate under its existing brand, led by Al-Hajri as CEO and supported by the current executive team. A new board of directors will be formed, comprising four members—three appointed by Jahez, including the Chairman, and one appointed by Al-Hajri.

The agreement includes standard terms, conditions, and warranties for transactions of this nature. Completion is contingent upon several conditions, including regulatory clearance and approval by Jahez’s extraordinary general meeting (EGM) for the use of treasury shares in the share swap. The designated Jahez shares will be allocated to Al-Hajri following the transaction and subject to regulatory lock-up periods in accordance with Capital Market Authority (CMA) rules.

Jahez and Al-Hajri also signed a shareholder agreement that will take effect upon transaction completion, outlining the corporate governance framework for Snoonu post-closing. The board will consist of four members, as noted above.

Parties involved in the transaction include Jahez, Snoonu, Snoonu’s current shareholders, Hamad Mubarak Al-Hajri, Snoonu Investment Holding LLC, Saud Al-Atiyah, Abdulaziz Al-Atiyah, and Yellow Services Co.

Jahez said the acquisition will be financed through internal cash resources, bank facilities, and treasury shares.

Snoonu, founded in 2019 by Al-Hajri, is a Qatar-based technology and logistics company operating an integrated e-commerce and on-demand delivery platform. The company enables consumers to order food, groceries, and retail products, and offers third-party logistics solutions tailored to startups and SMEs.

Snoonu three-year financial statements (SAR)

Jahez said the acquisition aligns with its strategic objective of expanding its regional footprint and strengthening its position in the Qatari market. Snoonu’s strong market presence and operational capabilities are expected to complement Jahez’s platform, unlock synergies, and drive deeper integration.

The transaction does not involve any related parties, the statement added.

It confirmed that any material developments related to the transaction will be disclosed in a timely manner.