Riyadh –  Arabian Internet and Telecommunication Services Company (solutions) inked a sale and purchase agreement (SPA) to acquire 40% equity in Devoteam Middle East (DME) at an enterprise value of SAR 741.70 million.

The Tadawul-listed firm signed the deal with France-based Devoteam SAS and ORTLL Investment Limited on 15 October 2023 after they penned the binding offer last June, according to a bourse filing.

Meanwhile, the joint agreement is subject to a number of pre-closing conditions, including obtaining regulatory approvals.

The strategic partnership aims to reinforce the digital business transformation services across the Kingdom as well as the region.

In the first six months (6M) of 2023, solutions logged net profits after Zakat and tax valued at SAR 643 million, an annual rise of 15.65% from SAR 556 million.

Revenues enlarged by 24.26% to SAR 5.37 billion as of 30 June 2023 from SAR 4.32 billion a year earlier, whereas the earnings per share (EPS) surged to SAR 5.41 from SAR 4.68.

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