April 4, 2022

B Investments accepts an offer to sell its entire stake in Giza Systems to Arabian Internet and Telecommunication Company (Solutions by STC)

B Investments’ board has accepted a binding offer for the acquisition of its entire stake (economic interest of 44.7%) in Giza Systems by Solutions by STC, a subsidiary of Saudi Telecommunication Company (STC). The offer values 100% of Giza Systems at an Enterprise Value of USD 145 million. The final Equity Value will be determined based on net debt and working capital figures at closing.

The transaction is subject to finalizing transaction documents and customary regulatory approvals.

B Investments’ ownership in Giza Systems is through its subsidiary Inergia Technologies (“Inergia”). B Investments owns 68.0% of Inergia and Inergia owns 65.7% of Giza Systems. Hence, BINV’s economic interest in Giza Systems through Inergia is 44.7%.