Staff Writer

Saudi Arabian digital security firm Elm Company has agreed to acquire business services firm Thiqah from the kingdom's sovereign wealth fund in a deal valued at 3.4 billion riyals ($906.28 million).

Elm signed a share sale and purchase agreement with the Public Investment Fund (PIF) to buy Thiqah in a cash transaction, following discussions that began in 2023, the company statement said.

Elm is 67% owned by PIF.

The deal is expected to be completed once regulatory approvals are obtained and certain conditions are satisfied under the agreement. Once completed Thiqah will be wholly-owned by Elm Company.

(Writing by Brinda Darasha; editing by Seban Scaria)  

brinda.darasha@lseg.com  

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.