Saudi Telecom Company (STC) announced that Karim Company, in which the company holds a direct stake of approximately 8.8%, has signed an agreement with Uber today, Tuesday, under which Uber acquires cream.

The company said in a statement to the Saudi market today, that the acquisition was made for approximately $ 3.1 billion, of which $ 1.4 billion will be paid in cash and $ 1.7 billion to be paid for. Uber Transferable Securities Way.

She pointed out that these sums are adjustable, expecting to conclude the deal after obtaining the approval of the regulatory authorities.

She explained that the share of Saudi Telecom from this acquisition is approximately $ 274 million, a cash portion and a portion through financial securities in Uber convertible, with the final division of the amount determined. At the end of the transaction.

It is worth noting that Saudi Telecom Company invested in Karim Company in January 2017 in the amount of 100 million dollars.

Also, Saudi Telecom invests directly in Karim through its investment funds, which are the Saudi Telecom Company for Venture Capital which holds a 6.4% stake, and the ST Fund Venture, which has a 2.9% stake.

Regarding determining the period in which the positive financial impact of the company for its direct and indirect investments will be reflected in Karim the outcome of the deal, Saudi Telecom said that it will be determined once the deal is completed and approvals are obtained. Final.

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