WSM seeks to buy out cybersecurity firm

Logo of WSM for Information Technology Co. 

WSM for Information Technology Co. signed, on Aug. 20, a one-year non-binding memorandum of understanding (MoU) with Prime Capital Holding Co. to acquire 100% of Cyber Zone for Cybersecurity Co., according to a statement to Tadawul.

 

For more news and details on M&As

 

The company appointed the Value Capital Co. as financial advisor for the deal, the statement added.

 

The financial consideration of the deal will depend on the results of the financial evaluation and due diligence.

 

The transaction will be financed from WSM’s own financial resources and cash flows.

 

The acquisition will be subject to several regulatory approvals from relevant authorities in Saudi Arabia and any other necessary approvals.

 

The deal included no related parties, the statement said.

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