2023-06-18 04:34:00
The Arab Company for Internet and Communications Services “Solutions” announced that it has signed a binding offer with the French company Devoteem SIS and Ortel Investment Company Limited to acquire 40% of Devoteam Middle East, which is specialized in providing technical and digital consulting services and digital transformation services, as the company is located in the East Middle East and its business is concentrated mainly in the Kingdom of Saudi Arabia.
The full value of the enterprise (100% Enterprise Value) is AED 726.3 million (equivalent to approximately 741.7 million Saudi riyals), on the basis of excluding cash and debt balances.
“Solutions” said in a statement posted on the Saudi Tadawul Group website that the offer will be exclusively binding between the parties from the date of its signing for a period of 12 weeks.
Solutions appointed Saudi Fransi Capital as the financial advisor for the deal.
The parties have agreed that the financial consideration for the deal will be entirely in cash.
The actions that the company will take during the term of the agreement include the conclusion of final deal agreements, including the Share Sale and Purchase Agreement (SPA).
“Solutions” said that the acquisition aims to enhance the growth and leadership of “Solutions” in the communications and information technology market in the Kingdom. of services and products.
The acquisition comes in line with Solutions’ (LEAP) strategy to grow and expand into promising business lines to enable digital transformation for its customers and provide the best value for its shareholders.
Solutions will also finance the transaction through the company’s own resources.
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