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Saudi Telecom's internet services subsidiary Solutions by STC has completed the acquisition of 88.9% stake in Egypt's Giza Systems.
The "first-of-its-kind" transaction, with an enterprise value of $158 million, is in line with Solutions by STC's strategy to lead Saudi Arabia's digital transformation ambitions.
Giza Systems provides services that include systems and application integration, as well as emerging technologies.
The kingdom seeks to increase the contribution of the information technology and communications sector towards the national GDP to $13.3 billion.
"This deal represents an important step towards implementing the ambitious growth strategy set by STC Group to expend into new markets and business lines, and to invest in promising business opportunities," according to a statement on Tuesday.
As part of the deal, Giza Systems will remain independent, according to Omar Al Nomani, CEO of Solutions.
(Writing by Cleofe Maceda; editing by Seban Scaria)
