Jahez signs SAR 60 mln deal to fully acquire Marn

Logo of Jahez International Company for Information Systems Technology

Jahez International Company for Information Systems Technology signed, on Oct. 4, a share purchase agreement to fully acquire Marn Business Information Technology Co. for SAR 60 million, the company said in a statement to Tadawul.

The completion of the transaction is subject to some preconditions mentioned in the agreement, including obtaining the approvals from relevant authorities, such as the General Authority for Competition.

The deal will be funded from Jahez own resources, the company said, adding that the transaction goes in line with its strategy that aims to expand the company’s business base through acquisitions to capitalize on the growing opportunities in the industry.

Marn’s revenue amounted to SAR 1.48 million in 2020, while net losses reached SAR 740,440. Its revenue in 2021 stood at SAR 3.99 million, and net earnings amounted to SAR 329,900.

Financial statements for 2020 are the first to be issued by the company.

Jahez expects the impact of the transaction to start from the second half of 2022.

The deal does not have any related parties, Jahez said, adding that it will announce the completion of the transaction or any other material developments in due course.

Jahez signed, on April 19, a non-binding offer with the shareholders of Marn to fully acquire the latter, according to data available with Argaam.

In May, the company said the due diligence review related to the non-binding offer signed with Marn is in progress.

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