Mayar’s subsidiary fully acquires 2 companies

Logo of Elevator Solutions Investment Co.

Mayar Holding Co.’s 100% owned subsidiary, Elevator Solutions Investment Co., signed a binding purchase agreement to acquire the entire share capital of Saudi Installation Testing and Maintenance Co. (ITM Co. LLC) and Smart Elevator Co.

Both companies were acquired for SAR 40 million and a 28% stake in Elevator Solutions, according to a statement to Tadawul.

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The agreement is subject to the satisfaction of several preconditions, including but not limited to terms and procedures of a regulatory and commercial nature.

The amount is paid over a one-year period using the company's own resources in accordance with the arrangements between the seller and buyer.

The acquisition aims to expand Elevator Solutions’ market share, provide customers with integrated solutions, diversify the company’s product portfolio, and boost its share in the Saudi elevator market.

The relevant financial impact is expected to appear during the second half of 2024, the statement added.

The deal included related parties, namely, Elevator Solutions as the buyer, and Abdul Rahman bin Abdul Aziz Al-Yabis and Faisal bin Abdul Rahman bin Abdul Aziz Al Yabis as sellers.

In June, Elevator Solutions signed a non-binding memorandum of understanding (MoU) with both ITM Co. and Smart Elevators Co. within one acquisition deal.

The deal aimed at acquiring 100% of the two companies, including their rights and obligations, upon reaching a final agreement between the parties, according to Argaam.