Saudi regulator approves STC takeover of Giza Systems

Giza Systems is one step closer to being Saudi-owned: Saudi Arabia’s competition watchdog has given the greenlight to Saudi Telecom’s internet subsidiary to acquire a controlling stake in Giza Systems, it announced on social media on Sunday. Shareholders agreed to sell 89.5% of the company to Solutions by STC in April in a transaction that values Giza at USD 145 mn. Inergia Technologies, which is majority owned by Egyptian private equity firm B Investments, agreed to sell its 65.7% stake in the firm.