solutions acquires 40% of Devoteam Middle East for SAR 741.7M

Arabian Internet and Communications Services Co. (solutions) completed, on Feb. 1, the acquisition of a 40% stake in Devoteam Middle East (DME) for cash consideration for the entire acquisition amounting to AED 726.3 million (approximately SAR 741.7 million) for 100% Enterprise Value.

In a statement to Tadawul, the Company noted that the acquisition has been funded through solutions own resources.

The acquisition aims to expand and diversify the business scope of solutions to deliver integrated and innovative services with best digital practices to meet the market needs of technical products and digital solutions in the Kingdom and the region. This is in addition to enabling solutions customers to keep pace with successive developments and innovations in technical services and digital products to accelerate the digital transformation of its business and achieve its growth and sustainability goals.

The step comes in line with solutions' (LEAP) strategy to grow and expand into promising business lines to enable digital transformation for its customers and provide the best value to its shareholders, the statement added.

The company signed, on Oct. 15, 2023, a sales and purchase agreement (SPA) with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of DME. The entire deal value will be paid in cash, according to Argaam's data.

On Nov. 19, 2023, solutions obtained the approval of the General Authority for Competition (GAC) for the deal.