Riyadh – Future Retail for Information Technology Company (Future Tech Retail), a wholly-owned subsidiary of BinDawood Holding Company, has acquired a 62% stake in the International Applications Trading Company (IATC).
Future Tech Retail has inked the sale and purchase agreement with Amwaj Real Estate Company and First Commercial Application Company, which own 42% and 20% of IATC, respectively, according to a bourse disclosure.
The transaction has an initial purchase price of SAR 107.5 million subject to net debt adjustment at closing.
In the meantime, BinDawood would pay an additional amount in 2023 if IATC reaches certain amount of revenues in 2022, as per the agreement.
The Saudi listed firm would also pay an earn-out amount in 2026 if IATC records certain profitability parameters in 2025.
The deal aims to enhance the company’s position in e-commerce and create a positive financial impact on the shareholders for a long term.
In February, Future Tech Retail signed a non-binding memorandum of understanding (MoU) to acquire a stake in IATC.
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).