M&A WATCH-

#1- State-owned Saudi Telecom Company (STC) increased its voting rights in Spain’s Telefonica to 9.97%, up from 4.97%, it said in a disclosure to Tadawul. The PIF-backed company filed to get a seat on the board of the Spanish telecom giant late last month, after raising its stake in the company. This comes as STC and the Spanish government, which owns a 10% stake, look to overhaul the company under a new long-term strategy.

#2- Osool & Bakheet eyes majority stake in Advanced Operating Technology: Nomu-listed investment firm Osool & Bakheet secured board approval to acquire a 51% stake in IT service provider Advanced Operating Technology (AOT) for SAR 5.1 mn in what appears to be a direct share sale, according to a filing to Tadawul.

The caveat: Osool & Bakheet has agreed to special terms, stating that they will waive their right to buy additional shares if AOT becomes a publicly traded company in the future and allow the sellers to subscribe to shares worth a combined SAR 5.3 mn.

#3- Saudi fintech firm Simplified Financials Solutions (SiFi) acquired Dubai-based B2B cost management outfit Neya Technologies for an undisclosed sum, aiming to enhance Neya’s financial technology tools, while expanding its reach across the Kingdom, according to a Linkedin post. ANB Seed Fund, Rua Ventures, Byld, and KBW Ventures also invested in the round, while Khwarizmi Ventures, Tech Invest Com. and Seedra Ventures were follow-on investors.

REAL ESTATE-

La Perle Real Estate Fund acquired La Perle East project from First Avenue for RealEstate Development in a SAR 160 mn transaction, including First Avenue recovering a SAR 90 mn down payment for the project, according to a disclosure to Tadawul. First Avenue’s stake in the fund has increased to 44% following the transfer. The La Perle East project, located in Jeddah’s Al-Shatea district, features office buildings, retail shops, and dining spaces.

REMEMBER- First Avenue entered into a non-binding agreement last month with AWJ RealEstate Development to set up the La Perle Real Estate Fund, where it targets a 40%-50% stake. The fund aims to acquire and develop commercial, office, and hospitality projects — with a focus on La Perle West, La Perle East, La Perle Residential Land, and La Perle Hotel Land.

HOSPITALITY-

Radisson Hotel Group partnered with Knowledge Economic City to establish two new Park Inn properties in Madinah, according to a post on LinkedIn. The hotels, which will be located in the Islamic World District, will feature 587 hotel rooms and 146 serviced apartments with nearby access to the city’s sacred sites.

TECH-

Al Moammar Information Systems (MIS) landed a SAR 227.8 mn contract from the Saudi Authority for Data and Artificial Intelligence (SDAIA) to expand the Naqaa Data Center in Riyadh, it said in a disclosure to Tadawul. The contract, set to be signed on 5 March, comes in a bid to address the rising demand for data hosting services.

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