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Saudi Arabia’s solutions by stc to buy controlling stake in Egypt’s Giza System for $158m

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RIYADH: Arabian Internet and Telecommunication Co., also known as ‘solutions by stc’, signed a binding deal to buy controlling stake in Egypt’s Giza Systems Co.

According to a bourse filing, the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems.

The deal will be paid for in cash and is worth $158 million, the statement said.

It’s subject to approval from the authorities in Saudi Arabia and Egypt, the company added.

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