Riyadh – Mubasher: Arabian Internet and Telecommunication Services Company (solutions) penned an agreement with Saudi Telecom Company (stc) to acquire the latter’s 49% stake in Contact Center Company (CCC).

Through the sale and purchase deal, solutions plans to own CCC’s entire shares at an enterprise value of SAR 450 million, according to a recent bourse filing.

solutions pointed out that the transaction is expected to be closed during the second quarter (Q2) of 2023, adding that it will disclose any further developments regarding the bargain in due course.

It is worth noting that the two parties inked the contract for the potential acquisition on 11 January 2023, following a binding offer with ESM Holdings that was announced on 10 November 2022.

Last December, solutions and stc penned an agreement worth a total value of SAR 138 million.

In the first nine months (9M) of 2022, solutions witnessed a 19.22% year-on-year (YoY) increase in net profit after Zakat and tax to SAR 856 million, compared to SAR 718 million.

Meanwhile, the net profits after Zakat and tax of stc went up by 8.22% to SAR 9.41 billion in 9M-22, versus SAR 8.69 billion in the January-September 2021 period.