The Arabian Company for Internet and Communications Services signed a Sale and Purchase Agreement (SPA) to acquire 89.49% of Giza Systems Company (a closed joint stock company) and acquire the non-owned stake of Giza Systems Company in Giza Arabian Systems Company Ltd., which represents 34%; This is in return for cash for the full value of the acquisition.


According to Arab Net, Solutions said in a statement that the value of the facility (ENTERPRISE VALUE) approved for the acquisition amounted to 158 million dollars, and it was agreed that the financial consideration for the acquisition would be based on the formulas for evaluating the financial consideration for companies according to the value of the facility, debts, cash and working capital in accordance with the terms mentioned in the agreement. .


Solutions intends to pay for this acquisition through a combination of bank facilities and cash.


It expects the acquisition to be completed in the third quarter of 2022.


The sale and purchase agreement (SPA) for the acquisition is subject to a number of conditions that must be met, for example, but not limited to obtaining approvals from the relevant authorities, including the approval of the General Authority for Competition, in addition to other conditions of a regulatory and commercial nature.


It indicated that there are no related parties in the acquisition deal.