Elm Saudi Arabia Acquires Thiqah Business Services in a Strategic Deal

Saudi company Elm, specializing in digital solutions and cybersecurity, announced the signing of a final agreement to fully acquire "Thiqah" Business Services, a subsidiary of the Saudi Public Investment Fund, in a deal valued at 3.4 billion riyals.

The company clarified in a statement to the Saudi financial market "Tadawul" that the deal will be executed through the company's own resources in addition to available credit facilities, indicating that negotiations regarding the deal began in 2023.

Elm affirmed that this acquisition represents an important strategic step that strengthens its position as a leading national company in the field of advanced digital solutions, supporting its efforts in digital transformation and enhancing its role in achieving the objectives of Saudi Vision 2030.

In the context of the deal, Elm Saudi Arabia appointed "HSBC" Saudi Arabia as exclusive financial advisor.

Performance of Elm Saudi Arabia's stock after the announcement of the deal

The stock of Elm Saudi Arabia (TADAWUL: 7203) recorded a decline of 3.31%, losing 40.60 riyals from its value, trading at a level of 1185 riyals during the transactions of the Saudi financial market.

Implications of the deal on the digital market in the Kingdom

This deal is expected to enhance the digital capabilities of Elm, opening new avenues for growth and reinforcing its role in providing innovative digital solutions that support the aspirations of the Kingdom's digital economy.

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