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Arabian Internet and Communications Services Company (SOLUTIONS) announces the signing of a binding offer with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of Devoteam Middle East
| Element List | Explanation |
|---|---|
| Introduction | Arabian Internet and Communications Services Company (SOLUTIONS) announces the signing of a binding offer with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% ownership in Devoteam Middle East (DME) a specialized firm offering digital consultancy and transformation services. DME is present in the Middle East and its business is mainly concentrated in the Kingdom of Saudi Arabia. The 100% Enterprise Value amounts to AED 726.3 million (which equals approximately SAR 741.7 million), on cash free and debt free basis. |
| Date of signing the Memorandum of Understanding | 2023-06-17 Corresponding to 1444-11-28 |
| Memorandum Duration | The binding offer is exclusive for a period of 12 weeks following its signing date. |
| Name of the Counterparty | - Devoteam SAS (France) - ORTLL Investment Limited |
| Name of Financial Advisor of Each Party | SOLUTIONS has appointed Saudi Fransi Capital as a financial advisor for the deal. |
| Major Terms in the Memorandum | The parties have agreed that the transaction will be for cash consideration. |
| Related Parties | NA |
| Actions to be Taken by the Company during the Memorandum’s Duration | Execution of definitive transaction documents including the sale and purchase agreement (SPA). |
| Approvals | The deal is subject to obtaining regulatory approvals from relevant authorities in Saudi Arabia, including the approval from the General Authority for Competition and any other customary completion conditions. |
| Additional Information | The acquisition aims to contribute to SOLUTIONS’ growth and further strengthens its position as the ICT market leader in the Kingdom. It will also enable SOLUTIONS to complement its current offerings and deliver digital consultancy, transformation services, and access a global network of capabilities and expertise. The acquisition is aligned with SOLUTIONS’ LEAP strategy to grow and expand in promising business lines that would enable the digital transformation for its customers and deliver the best value to its shareholders. SOLUTIONS will finance the deal from its own resources. Any material developments will be announced in due course. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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