{"id":325125,"date":"2022-04-05T11:56:07","date_gmt":"2022-04-05T11:56:07","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325125"},"modified":"2022-04-05T11:56:07","modified_gmt":"2022-04-05T11:56:07","slug":"saudi-arabias-solutions-by-stc-to-acquire-majority-stakes-in-egypts-giza-systems","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/04\/05\/saudi-arabias-solutions-by-stc-to-acquire-majority-stakes-in-egypts-giza-systems\/","title":{"rendered":"Saudi Arabia’s solutions by stc to acquire majority stakes in Egypt’s Giza Systems"},"content":{"rendered":"

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.<\/p>\n

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<\/a>. The transaction values Giza Systems at USD 145 mn.<\/p>\n

B Investments<\/a> is selling its entire 44.7% stake in engineering subsidiary Giza <\/a>Systems<\/a> to Saudi Telecom\u2019s internet subsidiary, the Egyptian private equity firm said in a statement<\/p>\n

Giza Systems Co. is a pioneer of what was once called the \u201cIT\u201d industry, the systems integrator has been in the market since the 1970s and lost a step in the marketplace prior to B Investments\u2019 acquisition in 2006<\/a>. The company now positions itself as a digital transformation specialist with some 1.4k professionals working across the Middle East and Africa providing \u201cindustry-specific technology solutions for asset-intensive industries\u201d including telecoms, utilities, and oil and gas.<\/p>\n

The deal will be paid for in cash and is\u00a0worth $158 million, the statement said.<\/p>\n

It’s subject to approval from the authorities in Saudi Arabia and Egypt, the company added.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":4,"featured_media":325126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,33],"tags":[],"class_list":["post-325125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-invest","category-main"],"yoast_head":"\nSaudi Arabia's solutions by stc to acquire majority stakes in Egypt's Giza Systems - egy-africa<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/04\/05\/saudi-arabias-solutions-by-stc-to-acquire-majority-stakes-in-egypts-giza-systems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia's solutions by stc to acquire majority stakes in Egypt's Giza Systems - 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