WSM Signs MoU to Fully Acquire Wasltec Ltd

WSM for Information Technology Co. announced on Sunday the signing of a non-binding memorandum of understanding with the partners of Wasl Technology Information Systems Limited Co. to acquire 100% of Wasl Technology Information Systems Limited Co.

According to the statement published on “Tadawul”, the duration of the memorandum will be 12 calendar months, and the financial consideration for the deal depends on the results of the financial evaluation and due diligence, and the deal will be financed from WSM for Information Technology Company’s financial resources and cash flows.

The Company said that it will follow all relevant regulatory procedures to complete the negotiations and reach the final acquisition agreement.

Wsm Business Information Technology Company has appointed Value Capital Company as a financial advisor for the deal.

It is worth noting that the acquisition deal will be subject to a number of regulatory approvals, including relevant authorities in the Kingdom of Saudi Arabia and any other approvals necessary to complete the acquisition.