stc signs SPA to sell its 49% stake in Contact Center to solutions

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stc signed a sale and purchase agreement (SPA) today, Jan. 11, with Arabian Internet and Communications Services Co. (solutions) to sell stc’s entire 49% stake in Contact Center Co. (CCC) for cash consideration.  

The transaction will be based on 100% enterprise value amounting to SAR 450 million, the telecom operator said in a statement on Tadawul. 

 It was agreed that the transaction cash consideration will be based on the agreed terms of the SPA related to debt, cash and working capital. 

The SPA is subject to a number of pre-closing conditions, including - but not limited to - obtaining the approval from the relevant authorities such as approval of the General Authority for Competition (GAC), as well as other regulatory and commercial conditions. 

The agreement is expected to be concluded by Q2 2023, and any material developments will be announced in due course, the statement added. 

In November, stc signed a binding offer with solutions to sell its entire 49% stake in CCC for cash consideration. The total enterprise value amounts to SAR 450 million on a cash- and debt-free basis, according to data compiled by Argaam. 

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