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2:17 p.m.
Tuesday, March 26, 2019
CAIRE –
Kingdom Holding Company, owned by Saudi businessman Alwaleed Bin Talal, announced details of the sale of its stake in Karim Smart Transport Company to the US company Ober.
The kingdom said Tuesday in a statement that it had sold Karim shares for 1.25 billion SAR as part of Ober's acquisition of Karim.
Today, Ober has officially announced its acquisition of Karim, its main rival, and the two companies have signed a $ 3.1 billion acquisition agreement in the first quarter of next year.
The kingdom announced today that the transaction would involve 565 million Saudi Riyals and that it would receive convertible bonds in Ober in the amount of 685 million SAR.
Ober Intelligent Transportation Services, the transaction value for $ 1.7 billion in convertible debt and $ 1.4 billion in cash.
The company expects to make a profit of 485 million RS on this deal, which is expected to have an impact in the first quarter of this year.
According to the company, the proceeds of the transaction will be used in future investments of the company.
Read also:
What will the Egyptian smart transport market look like after the acquisition of Karim by Ober?
The two companies will work separately .. Details of the acquisition of Ober Karim
OBER announces the acquisition of Karim for $ 3.1 billion
It started with half a million dollars. Karim's story from an emerging company to a giant draws the eye of Ober
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