Logo of Arabian Internet and Communications Services Co. (Solutions)
Arabian Internet and Communications Services Co. (solutions) signed a binding offer with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of Devoteam Middle East (DME), a provider of digital consultancy and transformation services, according to a statement to Tadawul.
DME operates in the Middle East, with its core business in Saudi Arabia.
The enterprise value amounts to AED 726.3 million (SAR 741.7 million), on a cash and debt-free basis.
The offer will be binding from the date of signing and will extend for 12 weeks.
solutions appointed Saudi Fransi Capital as a financial advisor for the deal.
Both parties agreed that the transaction will be for cash consideration.
The deal is subject to the regulatory approvals of the relevant authorities in Saudi Arabia, including the General Authority for Competition (GAC).
The acquisition aims to contribute to solutions’ growth and market position in Saudi Arabia, in addition to supporting the company’s services and products portfolio. The deal aligns with the company’s LEAP strategy, which aims to expand and grow business lines, accelerate digital transformation and provide the best services to clients.
solutions will finance the deal from its own resources and will announce any material developments in due course.
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