Arabian Internet and Communications Services Co. Ltd. (SASE:7202) made a bid to acquire Contact Center Co from Saudi Telecom Company (SASE:7010) and Startek, Inc. (NYSE:SRT) for an enterprise value of SAR 450 million on November 9, 2022. This offer provides for a transaction based on an enterprise value of SAR 450 million, on debt free and cash free basis, to be paid in cash.

The completion of the proposed acquisition is subject to the negotiation and execution of definitive documentation and satisfaction of the conditions therein, including (i) completion of any required stock exchange and regulatory review, (ii) final approval of the transaction by the board of directors of each of the Company, Solutions and STC and (iii) receipt of various third-party consents. Arabian Internet and Communications Services Co. Ltd. (SASE:7202) has entered into a definitive share purchase agreement Contact Center Co from 49% stake of Saudi Telecom Company (SASE:7010) and 51% stake of Startek, Inc. (NYSE:SRT) on January 11, 2023.

The transaction is expected to be completed during the second quarter of 2023. The General Authority for Competition issued non-objection certificate as of March 5, 2023. On April 3, 2023, Arabian Internet and Communications Services Co.

Ltd. completed the acquisition of 51% stake from Startek, Inc. (NYSE:SRT). Startek has so far repaid about 60% of the total debt that was outstanding from the proceeds.