stc signs binding offer with solutions to sell 49% stake in CCC for SAR 450 mln

Logo of Contact Center Co. (CCC)

Saudi telecom provider stc signed a binding offer with Arabian Internet and Communications Services Co. (solutions) today, Nov. 10, to sell its entire 49% stake in Contact Center Co. (CCC) for cash consideration.

The total enterprise value amounts to SAR 450 million, on a cash- and debt-free basis, the two companies confirmed in separate statements to Tadawul.

The binding offer is exclusive between the parties for 12 weeks from its signing date, it noted.

The financial impact is expected to be positive as solutions will acquire the entire share capital of CCC, where it will become a wholly-owned subsidiary.

As a result, CCC's financial results will be consolidated in solutions' earnings upon the deal completion.

Finalization of the deal is conditional upon the execution of definitive transaction documents including the sale and purchase agreement (SPA). This is besides obtaining all regulatory approvals from relevant authorities, including the General Authority for Competition (GAC), along with any other customary completion conditions, the company said.

It added that any material developments related to this offer will be announced in due course.

Meanwhile, solutions said it has appointed Saudi Fransi Capital as a financial advisor on the deal.

The acquisition, according to solutions, aims to contribute to its growth and will further strengthen its position as the ICT market leader in the Kingdom. It will also enable the expansion of its business process outsourcing offerings and provision of end-to-end services to its clients across Saudi Arabia and beyond.

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