Arabian Internet and Communications Services Company (solutions) announces the latest developments regarding the signing of sale and purchase agreement (SPA) with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of Devoteam Middle East.

Arabian Internet and Communications Services Company (solutions) announces the latest developments regarding the signing of sale and purchase agreement (SPA) with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of Devoteam Middle East.

04 February 2024 08:57 AM

Element List

Explanation

Introduction

With reference to the announcement made by Arabian Internet and Communications Services Company (solutions) on the Saudi Exchange dated 20-11-2023 related to the issuance of non-objection by the General Authority for Competition (“GAC”) pursuant to its decision number 721 dated 19-11-2023 with respect to the transaction. solutions announces that on 01-02-2024 the acquisition of 40% of Devoteam Middle East was completed, for cash consideration for the entire acquisition amounting to AED 726.3 million (which equals approximately SAR 741.7 million) for 100% Enterprise Value. The acquisition has been funded through solutions own resources.

Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website

2023-11-20 Corresponding to 1445-05-06

Hyperlink to the Previous Announcement

Click Here

Change on the Development

The acquisition of 40% of Devoteam Middle East was completed.

Financial Impact on the change

N/A

Additional Information

The acquisition aims to expand and diversify the business scope of solutions to deliver integrated and innovative services with best digital practices to meet the market needs of technical products and digital solutions in the