GO signs contract to acquire 51% of eJad Tech for SAR 86.7M

12/12/2024 Argaam
Logo ofEtihad Atheeb Telecommunication Co. (GO)

Logo of Etihad Atheeb Telecommunication Co. (GO)

Etihad Atheeb Telecommunication Co. (GO) signed on Dec. 11 a contract to acquire 51% of eJad Tech Co. for SAR 86.7 million, according to a statement to Tadawul.

 

The two parties agreed to pay SAR 40 million upon signing the contract, while the remaining SAR 46.7 million will be paid in two installments, based on fulfilling the agreed-upon targets as follows: A sum of SAR 23.7 million to be paid by the end of 2025, and SAR 23 million by the end of 2026.

 

For more news and details on M&As

 

The relevant financial impact will appear in Q3 ending Dec. 31, 2024, and the company is currently finalizing the regulatory approvals.

 

The deal included no related parties, the statement added.

 

In a separate statement, GO announced that its shareholders approved the acquisition of 51% of eJad Tech for SAR 86.7 million, during the ordinary general meeting (OGM) held on Dec. 11.

 

The telecom operator, in September, signed a memorandum of understanding (MoU) to buy a stake of 51% in eJad Tech, data compiled with Argaam showed.

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