solutions inks SPA to acquire stakes in Giza Systems, Giza Arabia for $158 mln

Logo of Arabian Internet and Communications Services Co. (solutions)

Arabian Internet and Communications Services Co. (solutions) inked on June 4 a sale and purchase agreement (SPA) to acquire 89.49% of Giza Systems Co. - a closed joint stock company- in addition to 34% of Giza Arabia, a stake which is not owned by Giza Systems, according to a bourse filing. 

The acquisition value will be fully paid in cash. The deal will be based on an enterprise value of at $158 million, the statement added.  

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 conditions.  

solutions plans to fund the acquisition from bank facilities and cash, the statement added. 

The acquisition deal is expected to be completed by Q3 2022 and is subject to the approval of the General Authority for Competition, in addition to the fulfillment of other regulatory and commercial terms. 

The deal has no related parties, and any material developments will be announced in due course, the statement said.

In April, solutions signed a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems, Argaam reported.