Arabian Internet and Communications Services Company (SOLUTIONS) announces the signing of a binding offer with Saudi Telecom Company (stc) and ESM Holdings, LLC to acquire 100% of Contact Center Company (CCC)
| Element List | Explanation |
|---|---|
| Introduction | Arabian Internet and Communications Services Company (SOLUTIONS) announces the signing of a binding offer with Saudi Telecom Company (stc) and ESM Holdings, LLC to acquire their entire stakes in Contact Center Company (CCC) which is as follows:
- Saudi Telecom Company (stc) stake : 49% - ESM Holdings, LLC stake : 51%
The deal will be for cash consideration. The 100% Enterprise Value amounts to SAR 450 million, on cash free and debt free basis. |
| Date of signing the Memorandum of Understanding | 2022-11-10 Corresponding to 1444-04-16 |
| Memorandum Duration | The Offer is exclusive for a period of 12 weeks following the signing date |
| Name of the Counterparty | Contact Center Company (CCC) |
| Name of Financial Advisor of Each Party | Arabian Internet and Communications Services Company (SOLUTIONS) has appointed Saudi Fransi Capital as a financial advisor for the deal. |
| Major Terms in the Memorandum | The parties agreed that the transaction will be for cash consideration. |
| Related Parties | Saudi Telecom Company (stc) |
| Actions to be Taken by the Company during the Memorandum’s Duration | Execution of definitive transaction documents including the sale and purchase agreement (SPA) |
| Approvals | The deal is subject to obtaining all regulatory approvals from relevant authorities in Saudi Arabia, including the approval from the General Authority on Competition and any other customary completion conditions. |
| Additional Information | The acquisition aims to contribute to the growth of SOLUTIONS and further strengthens its position as the ICT market leader in the Kingdom. It will also enable SOLUTIONS to expand its Business Process Outsourcing “BPO” offerings and provide end to end services to its clients across Saudi Arabia and beyond.
Contact Center Company (CCC) is considered one of the leading companies in Business Process Outsourcing (BPO) in Saudi Arabia, which provides a wide range of services to a diverse client base.
It is worth to mention that upon the completion of the deal, Contact Center Company (CCC) will become a 100% owned subsidiary. As a result, the financial results of Contact Center Company (CCC) will be consolidated in SOLUTIONS financial statements, noting that SOLUTIONS will finance the deal from its own resources.
Any material developments will be announced in due course. |
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