Tadawul-listed delivery app Jahezcompleted the first phase of its acquisition of Qatar-based e-commerce Snoonu, purchasing a 75% stake, or about 7.9 mn shares, it said in a disclosure to Tadawul yesterday. Jahez will later subscribe to an additional 1.6% stake, bringing its total ownership to 76.6%, while Snoonu founder Hamad Mubarak Al Hajri will retain 23.4%.

Playing with paper: Under the agreement, Jahez would pay SAR 802 mn (USD 214 mn) in banknotes to buy a 75% stake from Snoonu’s current shareholders. It will also issue 1.54 mn treasury shares (0.73% of its share capital) to the Snoonu founder and CEO Hamad Mubarak Al Hajri, and funnel another SAR 75 mn (USD 20 mn) into the company in exchange for a newly-issued 1.56% stake.

In the works for a while: Jahez inked a binding agreement in July to acquire a 76.6% stake in Snoonu in a SAR 919 mn (USD 245 mn) transaction.

About Snoonu: Founded in 2019, Qatar-based 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 to USD 138 mn in 2024, with net income rising to USD 7.3 mn.

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