Saudi Arabian retailer BinDawood Holding has acquired 62% of the shares of e-commerce app manager and developer International Applications Trading Company (IATC).
The acquisition through the grocery chain operator's fully owned subsidiary Future Retail for Information Technology Company was first announced months earlier.
Last February, the company signed a non-binding agreement for the potential acquisition of a majority stake in IATC. The initial purchase price was pegged at SAR107.5 million ($28.6 million).
In a statement to the Saudi Stock Exchange (Tadawul) on Tuesday, BinDawood said that the "regulatory process" related to the acquisition or transfer of shares ownership has been completed.
BinDawood had said that the deal is "strongly aligned" with the company's strategy to boost its position in the e-commerce sector and strengthen its omnichannel presence.
The company is currently in talks to acquire a majority stake in Paris-based marketing agency Ykone, a subsidiary of France's TF1 Group.
(Writing by Cleofe Maceda; editing by Seban Scaria)