Solutions by stc, also known as Arabian Internet and Telecommunication Co., will buy a controlling stake in Giza Systems Company of Egypt for $158 million.
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.