Solutions by stc, also known as Arabian Internet and Telecommunication Co., has obtained an approval from Saudi Arabia’s General Authority For Competition to buy a $158 million stake in Egypt’s Giza Systems Co., a bourse filing revealed.
The Saudi-listed company had earlier entered a binding deal for the takeover of an 89.49 percent stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia.
Subject to other regulatory conditions, solutions by stc said the transaction is expected to be completed by the fourth quarter of 2022, adding that any developments will be announced in due course.