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Saudi Arabia’s Etihad Atheeb Telecommunication Co. (GO Telecom) has completed the acquisition of a 51% stake in Ejad Tech Co. for Information Technology, a provider of IT services and digital transformation consulting.
Valued at SAR 86.7 million ($23.12 million), the transaction aligns with the telecom firm’s new strategy to broaden its business base.
The acquisition procedures, transfer of ownership and all regulatory documents were completed on June 22, 2025, the company confirmed.
Nearly half of the acquisition value (SAR40 million) has already been paid. The remaining amount will be paid in two instalments, with SAR 23.7 million due to be settled by the end of the year and SAR 23 million to be paid by the end of 2026.
(Writing by Cleofe Maceda; editing by Seban Scaria)
