Arabian Internet and Communications Services Company (solutions) announces the latest developments regarding the signing of sale and purchase agreement (SPA) with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of Devoteam Middle East.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Arabian Internet and Communications Services Company (solutions) on the Saudi Exchange dated 20-11-2023 related to the issuance of non-objection by the General Authority for Competition (“GAC”) pursuant to its decision number 721 dated 19-11-2023 with respect to the transaction.
solutions announces that on 01-02-2024 the acquisition of 40% of Devoteam Middle East was completed, for cash consideration for the entire acquisition amounting to AED 726.3 million (which equals approximately SAR 741.7 million) for 100% Enterprise Value. The acquisition has been funded through solutions own resources. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2023-11-20 Corresponding to 1445-05-06 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The acquisition of 40% of Devoteam Middle East was completed. |
| Financial Impact on the change | N/A |
| Additional Information | The acquisition aims to expand and diversify the business scope of solutions to deliver integrated and innovative services with best digital practices to meet the market needs of technical products and digital solutions in the Kingdom and the region. Enabling solutions 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.
The acquisition comes in line with solutions' (LEAP) strategy to grow and expand into promising business lines to enable digital transformation for its customers and provide the best value to its shareholders. |
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