WSM signs non-binding MoU to acquire Wasltec

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WSM Information Technology Co. signed a non-binding memorandum of understanding (MoU) on Oct. 24 to acquire 100% of Wasl Technical Information Systems Co. Ltd. (Wasltec).

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In a statement to Tadawul, WSM said the MoU is valid for 12 months from the signing date, with the financial consideration for the acquisition dependent on valuation results and due diligence.

The acquisition will be financed through the company’s financial resources and cash flow, according to the statement.

WSM appointed Value Capital as its financial advisor for the deal and will follow all relevant regulatory procedures to finalize negotiations and reach a definitive acquisition agreement.

The acquisition is subject to regulatory approvals from relevant Saudi authorities and any other necessary approvals, the company explained, noting that there are no related parties to the deal.