Elm Acquires PIF’s Technology Division for $907 Million: A Game-Changer in Innovation and Growth

Saudi Arabia’s Elm Company is set to acquire Thiqah Business Service Company, which is fully owned by the Public Investment Fund (PIF), for SAR3.4 billion (about $906 million).

This acquisition aims to boost Elm’s digital offerings and encourage innovation.

Before finalizing the deal, Elm must obtain the necessary regulatory approvals.

The funds for this purchase will come from Elm’s resources and bank loans, according to their statement on the Saudi stock exchange.

Thiqah, which started in 2012, partners with over 100 companies worldwide. In 2023, it reported a net profit of SAR180 million and revenue of SAR1.6 billion, showing slight changes from the previous year’s profit of SAR129 million and revenue of SAR1.7 billion.

Once the deal is complete, Thiqah’s financial data will be included in Elm’s reports.

For this transaction, Elm has chosen HSBC Saudi Arabia as its financial advisor and AS&H Clifford Chance Law Firm for legal guidance.