B Investments Holding signed an agreement with the Arabian Internet and Communications Services Company – Solutions, a subsidiary of the Saudi Telecom Company (STC), to acquire B Investments’ 44.7% stake in Giza Systems.
Last April, the Board of Directors approved the binding offer from the Arabian Company to acquire the entire 44.7% stake of B Investments Holding through an indirect stake in Giza Systems.
The Saudi Arabian Company for Internet and Communications Services “Solutions” signed a binding offer to acquire 89.49% of Giza Systems Company and acquire the non-owned stake of Giza Systems Company in Giza Arabian Systems Company Ltd., which represents 34%, in return for cash for the entire value of the deals.
The total value of the facility within the targeted deals was estimated at about $158m, of which $13m is the share of a Saudi investor in Giza Arabian Systems Company, and $145m for Giza Systems Company (the parent company) in Egypt.
“Solutions” stated in a statement on “Saudi Exchange” that the binding offer will be exclusive between the parties from the date of its signing and for up to a period of 12 weeks.
B Investments Holding Company agreed, indirectly, to the offer of the subsidiary of the Saudi STC Group, to acquire its entire stake in Giza Systems, amounting to 44.7%.
Omar El-Labban, director of investor relations at the company, said that the offer valued the facility, including debt and working capital, which will be deducted upon the final implementation of the deal after completing the regulatory approvals in Egypt and Saudi Arabia.
He told DNE that the deal is expected to be implemented within 6-8 weeks after the two companies obtained the necessary approvals from the competent authorities.
He added that the final exit outcome cannot be determined at the present time, and the company may decide to distribute part of it and reinvest the proceeds of the transaction in new opportunities.
