Riyadh - Mubasher: Wasm Business Information Technology Company announced signing a non-binding memorandum of understanding to acquire all shares of Wasl Technology Information Systems Limited.

The company explained in a statement on "Tadawul" today, Sunday, that the financial consideration for the deal depends on the results of the financial evaluation and due diligence.

She pointed out that the deal will be financed from the financial resources and cash flows of Wasm Business Information Technology Company.

She also pointed out that the duration of the memorandum is 12 Gregorian months from the date of signing the memorandum, which was on Thursday, October 24, 2024.

The company will follow all relevant regulatory procedures to complete the negotiations and reach the final acquisition agreement.

The company confirmed that the acquisition deal will be subject to a number of regulatory approvals, including relevant authorities in the Kingdom of Saudi Arabia and any other approvals necessary to complete the acquisition deal.

Wasm Business Information Technology Company appointed Value Financial Company as financial advisor for the deal.

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