announced Arab Company for Internet and Communications Services “Solutions”announced that it had signed a binding offer to acquire 89.49% of Giza Systems Company and acquire the non-owned stake of Giza Systems Company in Giza Arabian Systems Company Ltd., which represents 34%, in return for cash for the full value of the deals, amounting to (ENTERPRISE VALUE) approved for the transaction 158 Million dollars.
“Solutions” stated in a statement on “Saudi Tadawul” today that the binding offer will be exclusive between the parties from the date of its signing and for a period of 12 weeks.
Solutions appointed NCB Capital as the financial advisor for the deal.
According to the statement, the parties agreed that the financial consideration for the transaction would be in full cash.
The statement indicated that the deal is subject to the necessary government approvals in both Saudi Arabia and Egypt, including from the Kingdom’s General Authority for Competition.
In a separate statement, B Investments Holdings announced today that it has accepted the binding offer from Solutions to acquire its entire 44.7% stake in Giza Systems through an indirect stake.
It is noteworthy that Giza Systems is a leader in information technology and provides services, including systems integration, applications and emerging technologies, through its offices in Saudi Arabia, the UAE, Qatar, Egypt, the United States and others, to serve its customers in more than 25 countries.