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Saudi Arabian digital security firm Elm Company has agreed to acquire business services firm Thiqah from the kingdom's sovereign wealth fund in a deal valued at 3.4 billion riyals ($906.28 million).
Elm signed a share sale and purchase agreement with the Public Investment Fund (PIF) to buy Thiqah in a cash transaction, following discussions that began in 2023, the company statement said.
Elm is 67% owned by PIF.
The deal is expected to be completed once regulatory approvals are obtained and certain conditions are satisfied under the agreement. Once completed Thiqah will be wholly-owned by Elm Company.
(Writing by Brinda Darasha; editing by Seban Scaria)
