Solutions officially grabs 40% of Devoteam Middle East: The Arabian Internet and Communications Services Company (Solutions), the tech subsidiary of telecom operator stc, has completed the acquisition of a 40% stake in Devoteam Middle East in a transaction valued at SAR 742 mn, it said in a disclosure to Tadawul yesterday.

We’ve been expecting this: Solutions signed a binding offer in June last year with France’s Devoteam and Ortill Investment to acquire 40% of their digital consulting business in the region for SAR 742 mn. The General Authority for Competition (GAC) said in November it would not object to the transaction.

Better late than never: Solutions said last year it expected the acquisition to close in the fourth quarter of 2023. It remains unclear what caused the delay.

Solutions said it bought the Devoteam stake to “expand and diversify the business scope of solutions to deliver integrated and innovative services with best digital practices to meet the market needs of technical products and digital solutions in the Kingdom and the region.”

In plain English: Devoteam provides cloud, business automation, cybersecurity, consulting and other services to help businesses make the leap to digital and create new online products and experiences.

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