BinDawood Holding closes acquisition of 80.5% stake in Ykone

08/08/2022 Argaam

Logo of BinDawood Holding

BinDawood Holding Co. announced completing the acquisition of an 80.5% stake in Ykone, noting that the deal value is 10% less than the company’s net asset value.

 

The acquisition was concluded through Future Technology Retail’s (FTR) French subsidiary, BinDawood Holding said in a statement to Tadawul.

 

The financial impact of the deal will be reflected on BinDawood Holding’s 2022 financial results. There are no related parties to the deal, the company added.

 

BinDawood Holding’s board of directors recently gave the go-ahead for its wholly-owned subsidiary, FTR to acquire an 80.5% interest in Ykone, a subsidiary of TF1 Group, a France-based company operating in content production, publishing and distribution, Argaam earlier reported.

 

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