The Arab Company for Internet Services and Communications Solutions has signed a binding offer to acquire 89.49% of Giza Systems Company and acquire the non-owned stake in Giza Arabian Systems Company Ltd., which represents a percentage of 34%, in return for cash for the entire value of the deals, amounting to an approved transaction amount of .158 million dollars..(ENTERPRISE VALUE)
Al-Arabiya stated that Solutions has appointed Al-Ahly Financial Company as a financial advisor for the deal, and stated that the binding offer shall be exclusive between the parties from the date of its signing and for a period of 12 weeks, and according to the statement, the parties agreed that the financial consideration would be Full cash deal.
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.
