L'Azurde acquires 100% stake in Izdiad

L'Azurde for Jewelry Co. on Tuesday has fully acquired Izdiad Commercial Company of Arabia, the operator of TOUS international brand in the Kingdom, the company said in a bourse statement.

The acquisition was financed from credit facilities and the company’s operating cash flows.

The related financial impact is expected to show in Q4 2018, the jewelry manufacturer added.

“This transaction represents a great strategic fit with the L'Azurde Group’s vision to enter the affordable luxury jewelry segment which provides solid margins and profits and it will help diversify the Company's portfolio addressing a totally new product offering,” the statement said

No related parties are involved in the deal, L'Azurde added.

In August, L'Azurde signed a share purchase agreement (SPA) after completion of commercial, legal and financial due diligences to acquire 100 percent equity stake in Izdiad, Argaam earlier reported.

The deal value was based on a fair value of SAR 188 million and an earn-out payment of SAR 25 million.