Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has signed a share sale and purchase agreement for Elm Company to acquire the PIF-owned Thiqah Business Services Company (THIQAH) in a deal value worth $907 million, equivalent to SAR 3.40 billion.
The agreement, which was signed on 22 January 2025, will be completed once regulatory approvals are obtained and certain conditions are satisfied under the deal, according to an official PIF statement.
THIQAH is specialised in smart technology solutions for business services.
Head of Technology and Media for MENA Investments at PIF, Shahd Attar, said: “PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy.”
Attar added: “PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localise technology and drive innovation.”
The transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy.
Furthermore, the agreement will enhance the growth of the ICT sector, drive innovation, and localise technologies and knowledge by strengthening Elm to lead the sector at the national level, maximising the value chain by providing a wide range of ICT products, services and devices.
CEO of Elm, Mohammad Abdulaziz Alomair, said: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market.”
Alomair concluded: “The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale.”
The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables.
It is worth noting that the listed Elm recently acted as the strategic partner of the Hajj Conference and Exhibition 2025, which took place in Jeddah earlier in January.
