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Jahez acquires majority stake in Qatar’s Snoonu: Tadawul-listed delivery app Jahez inked a binding agreement to acquire a 76.6% stake in Qatar-based e-commerce outfit Snoonu in a SAR 919 mn (USD 245 mn) transaction, according to a press release (pdf). The acquisition is expected to close in 2H 2025, pending shareholders and regulatory approvals.
A banknote-heavy ploy with equity incentives: Jahez will pay SAR 802 mn (USD 214 mn) in banknotes to buy a 75% stake from Snounu’s current shareholders. It will also issue 1.54 mn treasury shares (0.73% of its share capital) to Snoonu founder and CEO Hamad Mohamed Al Hajri, and funnel another SAR 75 mn (USD 20 mn) into the company in exchange for a newly-issued 1.56% stake.
Where the money is coming from: The transaction will be financed through Jahez’s own resources, along with bank facilities, and existing treasury shares held by Jahez.
Talking valuation: The transaction values Snoonu at QAR 1.16 bn (USD 320 mn), making it the first-ever Qatari startup to surpass the 1 bn valuation.
The acquisition fits into Jahez’s regional expansion playbook, with the company citing operational and market synergies as key drivers. The two sides have also inked a shareholder agreement to govern Snoonu post-transaction, with Jahez appointing three board members, plus a seat for a founder-appointed director. The firm will continue to operate under its own brand, with no major leadership shakeups planned.
What Snoonu brings to the table: Founded in 2019, Snoonu runs an e-commerce and on-demand delivery platform serving food, grocery, retail, and courier customers. The firm’s revenues more than tripled over the past two years, hitting USD 138 mn in 2024, with net income rising to USD 7.3 mn.
ADVISORS- Our friends at EFG Hermes Saudi Arabia are quarterbacking the transaction as financial advisors, with Kirkland & Ellis providing counsel. IP Excellera is serving as the communications advisor for Jahez Group. Consulting Haus was appointed as financial advisor to Snoonu, with Eversheds Sutherland providing counsel.
