Elm Acquires Thiqah in a $907M Deal to Boost ICT Ecosystem
Deal News | Jan 22, 2025 | Saudi PIF
Saudi Arabia's Public Investment Fund (PIF) has entered into a share sale and purchase agreement with Elm to acquire Thiqah Business Services Company for $907 million. This acquisition is part of PIF's strategy, aligned with Saudi Vision 2030, to enhance the ICT ecosystem across various sectors including entertainment, finance, healthcare, and more. The transaction aims to localize technology, drive innovation, and maximize the local value chain, ultimately contributing to job creation and economic growth in Saudi Arabia. The deal, pending regulatory approval and fulfillment of contract conditions, will fortify Elm's position in the ICT sector by offering an integrated range of products, services, and devices, ultimately fostering a national lead in smart services. Stakeholders from both PIF and Elm highlight the strategic importance of this acquisition in developing advanced national smart services and enhancing market operations through economies of scale.
Sectors
- Information and Communication Technology (ICT)
- Private Equity
- Digital Transformation
Geography
- Saudi Arabia – The entire transaction is rooted in the Saudi Arabian context, with PIF and Elm participating in alignment with the nation's Vision 2030 initiative.
Industry
- Information and Communication Technology (ICT) – The article focuses on the acquisition of Thiqah Business Services to enhance the local ICT ecosystem in line with Saudi Vision 2030.
- Private Equity – Saudi PIF, a major sovereign wealth fund, is involved in divesting its interest in Thiqah to Elm.
- Digital Transformation – The transaction aims to localize technology and drive innovation, a key part of digital transformation efforts under Saudi Vision 2030.
Financials
- 907 million USD – The deal value for Elm's acquisition of Thiqah from Saudi PIF.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Saudi Public Investment Fund (PIF) | Selling Company | PE | PIF is Saudi Arabia's sovereign wealth fund, selling Thiqah to Elm as part of its strategy to enhance ICT in the nation. |
| Elm | Bidding Company | Company | A leading digital solutions company acquiring Thiqah to strengthen its position in the ICT sector. |
| Thiqah Business Services Company | Target Company | Company | A firm specializing in smart technology solutions for business services, being acquired by Elm. |
| Shahd Attar | Person | Person | Head of Technology and Media, MENA Investments at PIF. |
| Mohammad Abdulaziz Alomair | CEO | Person | CEO of Elm, discussing the strategic importance of the transaction. |