ABU DHABI, UAE – International Holding Company (IHC) announced Wednesday that it has acquired, through its subsidiary IHC Digital , 54 percent stake in Emircom for US$68 million.
Emircom is the Middle East’s leading information and communications technology (ICT) provider.
This $68 million (AED250 million) transaction comes as part of the IHC’s group-wide strategy to grow its digital assets portfolio and expand into new growth areas.
Syed Basar Shueb, IHC’s Chief Executive Officer, said, “We shall continue to seek further acquisitions in different industries, including the ICT area, building on our well-established track record of acquiring high-value and profitable investments that benefit our shareholders in the short- and long-term.”
He said, “This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector.”
Hussain Jasim Al Nowais, Chairman of Al Nowais Investments and Emircom’s shareholder, said, “This acquisition brings a new dimension to Emircom, as well as adds further scale to our business growth plans in the Middle East market.”
He said, “It is a testament to the Emircom team that we have received such a strong endorsement from IHC Digital, a key strategic subsidiary of International Holding Company. We are delighted our partnership will be further enhanced following this acquisition.”
Established in 1984, Emircom has strategic partnerships with many prominent players in the ICT segment, including Cisco and Oracle as a Gold Certified Partner, Dell as a Titanium Partner, as well as Palo Alto, Fortinet, F5, Software AG, Microsoft, SAS, Huawei, Schneider and HP.