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ArabFinance: B Investments Holding’s (BINV) board of directors has accepted a binding offer from a subsidiary of Saudi Telecommunication Company (STC) for the full acquisition of its stake in Giza Systems for an enterprise value of $145 million, according to a filing to the Egyptian Exchange (EGX) on Monday.
STC’s unit, the Arabian Internet and Communications Services Company (Solutions), will acquire B Investments’ 44.7% indirect stake in Giza Systems.
B Investments holds its stake in Giza Systems through its subsidiary Inergia Technologies. B Investments owns 68.0% of Inergia and Inergia owns 65.7% of Giza Systems.
The final value of the deal is set to be determined based on net debt and working capital figures at the time of closing.
The finalization of the transaction is pending fulfilment of required documents and regulatory approvals.
Established in 2006, B Investments is an Egypt-based private equity firm and growth capital investor that pulls a wealth of expertise to actively create value in its portfolio companies.
