WSM ends MoU to acquire Cyber Zone after deal talks stall

Logo of WSM for Information Technology Co.

Nomu-listed WSM for Information Technology Co. said it terminated on Nov. 10 a non-binding memorandum of understanding (MoU) with Prime Capital Holding, as the parties failed to reach an agreement to acquire 100% of Cyber Zone for Cybersecurity Co.

The decision followed the results of financial evaluations and due diligence, which did not meet expectations and directions at this stage, WSM said in a statement to Tadawul.

WSM had signed the MoU with Prime Capital on Aug. 20 to acquire Cyber Zone, according to Argaam data.