acquisition

Elm Acquires Thiqah for SAR 3.4B

To Enhance the Local ICT Ecosystem

  • A deal has been signed between PIF (Public Investment Fund) and Elm Company, under which Elm will acquire Thiqah Business Services for 3.4 billion SAR.
  • The deal contributes to driving growth and development in the telecommunications and information technology sector in the Kingdom.
  • The transaction aligns with the strategy of the Public Investment Fund and the objectives of Saudi Arabia’s Vision 2030, by boosting digital transformation.

The Public Investment Fund and Elm, a digital solutions company, have signed a stock purchase agreement, under which Elm will acquire Thiqah Business Services, which offers smart technical solutions for business services. The deal is valued at 3.4 billion SAR and is expected to be finalized upon receiving the necessary regulatory approvals and fulfilling agreed-upon conditions.

This deal will help strengthen the rapidly evolving local telecommunications and IT ecosystem, supporting the Public Investment Fund’s strategy that aligns with Saudi Vision 2030. It aims to make digital transformation a key driver in creating high-skilled jobs that meet future demands and foster economic growth.

The transaction will contribute to the growth of the telecommunications and IT sector, as well as encourage innovation and the localization of technologies and knowledge. It will also enhance Elm’s position as a national leader in the sector, strengthening the value chain and enabling it to offer a diverse range of IT and telecommunications products, services, and devices.

The telecommunications and IT sector is a strategic priority for the Public Investment Fund, given its pivotal role in enabling various other sectors such as entertainment, financial services, healthcare, transportation and logistics, and renewable energy.

On this occasion, Shahd Attar, Head of Technology and Media Investments in the Middle East and North Africa at the Public Investment Fund, said: “At the Public Investment Fund, we are committed to empowering leading national companies that contribute to the growth of the local economy. The sale of Thiqah to Elm will strengthen the role of the telecommunications and IT sector, support efforts to localize technology, and drive innovation.”

For his part, Mohammad Alomair, CEO of Elm, said: “This deal is an important step for Elm, as it enhances integration between the two parties, contributes to cost rationalization, and increases profitability. It also offers many qualitative advantages for both parties and the entire sector, boosting our ability to provide advanced, smart, and national services that meet current market needs, support innovation, and product development.”

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