solutions gets GAC's nod to acquire 40% of Devoteam Middle East

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

Arabian Internet and Communications Services Co. (solutions) obtained the approval of the General Authority for Competition (GAC) for the acquisition of a 40% stake in Devoteam Middle East (DME).

In a statement to Tadawul today, Nov. 20, solutions said the deal is slated for completion in the fourth quarter of 2023, subject to other regulatory and commercial conditions.

The company signed, on Oct. 15, 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.

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