SOLUTIONS signs binding offer with Devoteam France & ORTLL Investment to acquire 40% of Devoteam Middle East

Arabian Internet and Communications Services Company (SOLUTIONS) announced 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.

The company stated On Sunday on Tadawul that the binding offer is exclusive for a period of 12 weeks following its signing date. Whereas the parties have agreed that the transaction will be for cash consideration.

The company also declared that actions to be taken by the Company during the Memorandum’s Duration are represented in the execution of definitive transaction documents, including the sale and purchase agreement (SPA). Confirming that 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.

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; and any material developments will be announced in due course.