Riyadh – Mubasher: Arabian Internet and Communication Services Company (solutions) has completed all procedures required to conclude the acquisition of 88.19% of Giza Systems Company, and 34% of Giza Arabia, which represents the shares that are not owned by Giza Systems.
The Saudi firm, a subsidiary of Saudi Telecom Company (stc), attributed the decrease in the acquisition percentage from 89.49% to 88.19% mainly to executive management shares, according to a stock exchange filing on Tuesday.
The purchase price was based on an enterprise value of $158 million. The transaction’s financial impact will reflect on solutions’ financial statements starting from the fourth quarter (Q4) of 2022.
In a separate filing, B Investments Holding said it has finalised the sale of its entire stake in Giza Systems (an indirect stake of 44.7% through Inergia Technologies – a subsidiary of B Investments Holding) to solutions at a total company equity value of $119 million.
On 15 August, solutions announced receiving a no-objection certificate from the Saudi General Authority for Competition (GAC) to acquire stakes in Egypt's Giza Systems Company and Giza Arabia, a subsidiary of Giza Systems.
In June, B Investments inked a share purchase agreement (SPA) to sell its 44.7% stake in Giza Systems to Solutions.
Last April, solutions inked a binding offer worth $158 million to buy 89.49% of Giza Systems from Inergia Technologies in addition to 34% of Giza Arabia.