Egypt: B Investments to exit Giza Systems
Egypt-based private equity firm B Investments’ board has accepted a binding offer for the acquisition of its entire stake (economic interest of 44.7%) in Giza Systems by internet and telecommunication company Solutions by STC, a subsidiary of Saudi Telecommunication Company (STC).
Giza Systems designs and deploys industry specific technology solutions for asset-intensive industries such as the telecoms, utilities, oil & gas, transportation and other market sectors in the MEA region. The company has a team of 1,400 professionals spread throughout the region with anchor offices in Cairo, Riyadh, Dubai, Doha, Nairobi, Dar es Salaam, Abuja, Kampala and New Jersey, allowing the company to serve an ever-increasing client base in over 25 countries.
B Investments’ ownership in Giza Systems is through its subsidiary Inergia Technologies. 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%.
The offer values 100% of Giza Systems at an enterprise value of $145 million. The final equity value will be determined based on net debt and working capital figures at closing.
The transaction is subject to finalising transaction documents and customary regulatory approvals.
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