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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
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Arabian Internet and Communications Services Company (SOLUTIONS) on the Saudi Exchange dated 15-10-2023 related to the signing of a sale and purchase agreement (SPA) on 15-10-2023 to acquire a 40% of Devoteam Middle East (DME) (the “Transaction”), for a full cash consideration for the entire acquisition amount. SOLUTIONS announces 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. |
| Previous Announcement | Arabian Internet and Communications Services Company (SOLUTIONS) announces the signing of sale and purchase agreement (SPA) with Devoteam SAS (France) and ORTLL Investment Limited to acquire 40% of Devoteam Middle East |
| Date of Previous Announcement on Tadawul's Website | 2023-10-15 Corresponding to 1445-03-30 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | The fourth quarter of the year 2023 |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Additional Information | The completion of the transaction is subject to other regulatory and commercial conditions. 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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