RIYADH: To strengthen the information and communications technology industry, Saudi digital solutions provider Elm has agreed to pay $907 million to acquire Thiqah Business Services Co., which is owned by the Public Investment Fund. Elm announced in a market filing that it has reached a share purchase deal with PIF to buy Thiqah in cash after talks began in 2023. The purchase of 45,000 shares, each at SR1,000 ($266.56) nominally, represents the full issued share capital of Thiqah and is part of the arrangement.
According to the company’s news statement, the acquisition is anticipated to be crucial in furthering Saudi Vision 2030’s objectives of promoting digital transformation, generating highly skilled employment, and bolstering economic diversification.
According to Elm CEO Mohammad Abdulaziz Al-Omair, “this is a significant transaction for Elm because it improves integration, rationalises spending, boosts profitability, and offers qualitative advantages for both parties and the market.”
According to him, the combined company will be in a stronger position to provide cutting-edge national smart services that satisfy customer and market demands. “It will also help to enable creative operations and the ability to create business-related products with cost advantages while attaining economies of scale,” Al-Omair continued. The deal represents a calculated step to strengthen Saudi Arabia’s information and communication technology ecosystem, if regulatory clearances and contractual requirements are met.
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