The Arab Internet and Communications Services Company - Solutions announced that on February 1, 2024, the acquisition of 40% of Devoteam Middle East Company was completed; This is in exchange for cash consideration for the full value of the acquisition, as the value of the approved establishment (Enterprise Value 100%) amounted to 726.3 million dirhams, equivalent to 741.7 million riyals.
The company explained in a statement on Tadawul that the deal was financed through its own sources.
She explained that the acquisition aims to expand and diversify the scope of business and provide integrated and innovative services in accordance with the best digital practices to meet the market needs of technical products and digital solutions in the Kingdom and the region, and to enable its customers to keep pace with successive developments and innovations in technical services and digital products to accelerate the digital transformation of its business and achieve its growth and sustainability goals. .
It indicated that this acquisition comes in line with its strategy (LEAP) for growth and expansion in promising business lines to enable digital transformation for its customers and provide the best value to its shareholders.
According to data, Solutions signed last October a sale and purchase agreement (SPA) with Devoteam SIS (France) and Ortel Investment Limited, to acquire 40% of Devoteam Middle East in exchange for cash for the full value of the acquisition.
On November 19, 2023, a no-objection decision was issued by the General Authority for Competition regarding the acquisition deal.
