Arabian Internet and Communication Services Company (SASE:7202) signed of a binding offer to acquire 40% stake in Devoteam Middle East Fz-Llc from Devoteam SA and ORTLL Investment Ltd on June 17, 2023. The consideration will be paid in cash. The 100% Enterprise Value amounts to AED 726.3 million, on cash free and debt free basis.

The binding offer is exclusive for a period of 12 weeks following its signing date. Saudi Fransi Capital as a financial advisor to Arabian Internet and Communication. Devoteam will retain control of the subsidiary, ensuring continuity of the management team under the leadership of Osama Ghoul.

Arabian Internet and Communication will finance the deal from its own resources. The deal is subject to final documentation obtaining regulatory approvals from relevant authorities in Saudi Arabia, including the approval from the General Authority for Competition and any other customary completion conditions and is expected to be completed within the next three months. Arabian Internet and Communication Services Company (SASE:7202) sale and purchase agreement to acquire 40% stake in Devoteam Middle East Fz-Llc from Devoteam SA and ORTLL Investment Ltd on October 15, 2023.