Arabian Internet and Telecommunication Co. (solutions by stc) signed a binding deal to buy a controlling stake in Egypt’s Giza Systems Co.
According to a bourse filing, the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 percent of Giza Arabia, a subsidiary of Giza Systems.
The deal will be paid for in cash and is worth $158 million, the statement said.
It’s subject to approval from the authorities in Saudi Arabia and Egypt, the company added.
In this context, Omar Al-Noamani, CEO of “solutions”, said that the acquisition of Giza Systems Co. comes as part of the expansion plans of the stc Group.
Al-Noamani added that this move reflects stc’s strategic plans to lead the digital transformation in the Kingdom in line with Saudi Vision 2030.
