Solutions signs bid to acquire 40% of Devoteam Middle East

Arabian Internet Services and Communications Solutions announced that it has signed a binding offer with Devoteam SAS (France) and Ortel Investments Limited, to acquire 40% of Devoteam Middle East, which is specialized in providing technical and digital consulting services and digital transformation services.

The company stated, in a statement today, Sunday, on Tadawul Saudi Arabia, that the value of the establishment amounts to 726.3 million UAE dirhams (equivalent to 741.7 million riyals), on the basis of excluding cash and debt balances.

The company added that the parties agreed that the financial consideration for the deal would be entirely in cash, indicating that the binding offer would be exclusive between the parties from the date of its signing for a period of 12 weeks.

It also indicated that it had appointed Saudi Fransi Capital as a financial advisor for the deal, indicating that the deal is subject to regulatory approvals from the relevant authorities in the Kingdom of Saudi Arabia, including the approval of the General Authority for Competition and any other usual conditions for completing the deal.

Devoteam is present in the Middle East and its main business is in the Kingdom of Saudi Arabia.

According to the company's statement, the acquisition aims to enhance the growth and leadership of Solutions in the communications and information technology market in the Kingdom. This acquisition will also contribute to enabling Solutions to provide technical and digital consulting services and digital transformation services, and to access a global network of expertise and capabilities that will support Solutions' portfolio of services and products.

She also added that the acquisition comes in line with LEAP Solutions' strategy for growth and expansion in promising business lines to enable the digital transformation of its customers and provide the best value for its shareholders.

She indicated that she would finance the deal through the company's own sources, noting that any material developments would be announced in due course.