Arabian Internet and Telecommunication Company (SOLUTIONS) announces latest development on the signing of a binding offer with Inergia Technologies for Information Systems, and others related to the acquisition of 89.49% of Giza Systems Company, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems Company, which represents the shares that are not owned by Giza Systems Company
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Arabian Internet and Telecommunication Company (solutions) on 04-04-2022G on the signing of a binding offer with Inergia Technologies for Information Systems, and others related to the acquisition of 89.49% of Giza Systems Company, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems Company, which represents the shares that are not owned by Giza Systems Company.
Arabian Internet and Telecommunication Company (solutions) announces the signing of a sale and purchase agreement (SPA) on 04-06-2022G to acquire 89.49% of Giza Systems Company (Closed Joint Stock Company), in addition to 34% of Giza Arabia, which represents the shares that are not owned by Giza Systems Company, for a full cash consideration for the entire acquisition. The acquisition will be based on an Enterprise Value amounting to USD 158 million. It was agreed that the acquisition consideration shall be based on valuation formulas pursuant to the enterprise value, debt, cash and working capital as stated under the agreement terms and condition. solutions intends to fund the acquisition consideration via a mixture of banking facilities and cash. |
| Previous Announcement | Arabian Internet and Telecommunication Company (solutions) announces the signing of a binding offer with Inergia Technologies for Information Systems, and others related to the acquisition of 89.49% of Giza Systems Company, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems Company, which represents the shares that are not owned by Giza Systems Company |
| Date of Previous Announcement on Tadawul's Website | 2022-04-04 Corresponding to 1443-09-03 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | The third quarter of 2022 |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Additional Information | The sale and purchase agreement (SPA) is subject to a number of pre-closing conditions, including -but not limited to- obtaining the approval from the relevant authorities such as the approval of General Authority for Competition, as well as other regulatory and commercial conditions. It is worth to note that there is no related party associated with this acquisition.
Any material developments will be announced in due course. |
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