Solutions Signs Binding Offer with Energy Technologies and Others to Acquire 89.49% of Giza Systems

Arabian Internet and Telecommunication Company (SOLUTIONS) announced on Monday the signing of a binding offer related to the acquisition of [89.49%] of Giza Systems Company from Inergia Technologies for Information Systems, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems Company. The transaction will be based on an Enterprise Value amounting to USD158 million to be paid in cash.

The Offer is exclusive for a period of 12 weeks following the signing date.

Arabian Internet and Telecommunications Co. (solutions) have appointed SNB Capital as a financial advisor for the Transaction.

Actions to be taken by the Company during the Memorandum’s Duration:

– Negotiation and execution of definitive transaction documents including the sale and purchase agreement (SPA);

– Obtaining relevant corporate approvals from each party in relation to the Transaction.

The Transaction is subject to receiving regulatory approvals in both Saudi Arabia and Egypt, including from the General Authority on Competition in Kingdom of Saudi Arabia.

This acquisition represents a significant step in line with the company’s international expansion strategy to enter new markets and expand business lines to meet the evolving needs of solutions customers in the public and private sectors in Saudi as a leading digital transformation enabler.

Giza Systems is a leading IT company, providing services including systems and applications integration as well as emerging technologies with offices in Saudi Arabia, UAE, Qatar, Egypt, USA, etc. Serving client-base is in over 25 countries.

The company will announce any material developments in relation to the acquisition in due course.