Elm Company has signed a share sale and purchase agreement with the Public Investment Fund (PIF) to acquire Thiqah Business Services Company for SAR 3.4 billion ($907 million). The transaction is subject to regulatory approvals and fulfilment of specific conditions.
“PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy,” said Shahd Attar, Head of Technology and Media, MENA Investments at PIF.
Mohammad Abdulaziz Alomair, CEO of Elm, commented, “This is an important transaction for Elm, as it enhances integration, rationalises spending, increases profitability and provides qualitative advantages for both parties and the market.”
Elm, 67% owned by PIF, will finance the acquisition through its own resources and facilities. Thiqah, established in 2012, specialises in smart technology solutions for business services.
