solutions acquires stakes in Giza Systems, Giza Arabia

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

Arabian Internet and Communications Services Co. (solutions) completed, on Oct. 3, the acquisition of an 88.19% stake in Giza Systems (a closed joint stock firm) and a 34% stake in Giza Arabia, a subsidiary of Giza Systems.

In a statement to Tadawul, solutions said the reason for the decrease in the acquisition percentage from the previously announced 89.49% to 88.19%, is mainly due to executive management shares.

The purchase price was based on an enterprise value of $158 million, to be financed from bank facilities.

The relevant financial impact will appear as of Q4 2022, and the deal included no related parties, the statement added.

On June 4, solutions signed a sale and purchase agreement (SPA) to buy 89.49% of Giza Systems, in addition to 34% of Giza Arabia, for a cash consideration, Argaam earlier reported.

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