Arabian Internet and Telecommunication Co., also known as ‘solutions by stc’, signed a binding deal to buy controlling stake in Egypt’s Giza Systems Co.
STC will pay USD 158 mn in cash for both the company and a 34% stake in its Saudi subsidiary Giza Arabia, it said in the disclosure. The transaction values Giza Systems at USD 145 mn.
B Investments is selling its entire 44.7% stake in engineering subsidiary Giza Systems to Saudi Telecom’s internet subsidiary, the Egyptian private equity firm said in a statement
Giza Systems Co. is a pioneer of what was once called the “IT” industry, the systems integrator has been in the market since the 1970s and lost a step in the marketplace prior to B Investments’ acquisition in 2006. The company now positions itself as a digital transformation specialist with some 1.4k professionals working across the Middle East and Africa providing “industry-specific technology solutions for asset-intensive industries” including telecoms, utilities, and oil and gas.
The deal will be paid for in cash and is worth $158 million, the statement said.
It’s subject to approval from the authorities in Saudi Arabia and Egypt, the company added.
