solutions inks deal to acquire 40% of Devoteam Middle East

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

Arabian Internet and Communications Services Co. (solutions) signed today, Oct. 15, a sales and purchase agreement (SPA) with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of Devoteam Middle East (DME). The entire deal value will be paid in cash.  

In a statement to Tadawul, the company explained that the full enterprise value amounts to AED 726.3 million (nearly SAR 741.7 million). The cash consideration for the acquisition will be determined based on the SPA terms related to debt coverage, cash, working capital, and performance.  

The deal is subject to the regulatory approvals of the relevant authorities in Saudi Arabia, including the General Authority for Competition (GAC), and other regulatory and commercial requirements. The company will self-finance the acquisition. 

The SPA aims to create a strategic partnership for consulting and digital business transformation services locally and regionally, with an expected positive impact on the company's operations. There are no related parties to the deal and any significant developments will be announced later.

DevoTeam Middle East, a leading tech consulting and digital business transformation firm, is known for its strong local and regional presence, international expertise in strategic digital services, business transformation, digital infrastructure, smart data analytics, and process automation.

Last June, solutions signed a binding agreement with Devoteam SAS (France) and ORTLL Investment to acquire 40% of DevoTeam Middle East, valued at almost SAR 741.7 million, for a cash consideration, according to data compiled by Argaam.

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