The Public Investment Fund (PIF) and Elm, a leading provider of digital solutions, have finalized a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company, a provider of smart technology solutions for business services, in a deal worth $907 million (SAR 3.4 billion).
The deal expects to close after receiving regulatory approvals and meeting certain conditions outlined in the agreement.
According to PIF, this transaction will bolster the local information and communication technology (ICT) ecosystem, supporting the fund’s strategy in line with Saudi Arabia’s Vision 2030. The acquisition aims to leverage digital transformation to generate high-skill jobs, stimulate economic growth, and strengthen Elm’s leadership in the ICT sector. It will also drive innovation, promote the localization of technology and expertise, and expand Elm’s ability to offer a comprehensive range of ICT products, services, and solutions.
The statement said that the ICT sector is among PIF’s strategic priority investment sectors and is a key enabler of other key industries, including entertainment, financial services, healthcare, transport and logistics, utilities, and renewables.
“PIF is committed to enabling the creation of national champions who contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.
Elm CEO 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.”
“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,” he added.
The acquisition of Thiqah by Elm marks a significant step in enhancing Saudi Arabia’s digital transformation goals as part of the Vision 2030 initiative. This strategic move will strengthen the local ICT ecosystem, foster innovation, and create high-skill job opportunities while positioning Elm as a key leader in the sector. By expanding its portfolio of smart technology solutions, Elm is well-poised to drive the continued growth of the ICT industry in Saudi Arabia, further contributing to the nation’s economic development and technological advancements.
