UAE-based investment firm, International Holding Company (IHC) has acquired a 54 percent stake in the leading information and communications technology (ICT) provider, Emircom for $68 million (AED 250 million).
The transaction, made through its subsidiary IHC Digital, comes as part of IHC’s group-wide strategy to grow its digital assets portfolio and to expand into new growth areas.
Established in 1984, Emircom is a market leader in the ICT sector in the Middle East region and offers end-to-end digital solutions to service providers, governments, educational institutes, finance houses, and healthcare organizations across the region.
Further, it has strategic partnerships with many prominent players in the ICT segment, including Cisco and Oracle as a ‘Gold Certified Partner’, Dell as a ‘Titanium Partner’, as well as Palo Alto, Fortinet, F5, Software AG, Microsoft, SAS, Huawei, Schneider, and HP.
“We shall continue to seek further acquisitions in different industries, including the ICT area, building on our well-established track record of acquiring high-value and profitable investments that benefit our shareholders in the short- and long-term. This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector.”
The deal is subject to regulatory approvals and the completion of legal formalities, IHC said in a statement.
Commenting on the acquisition, Mr. Hussain Jasim Al Nowais, Chairman of Al Nowais Investments and Emircom’s shareholder said that, “This acquisition brings a new dimension to Emircom, as well as adds further scale to our business growth plans in the Middle East market.”
“It is a testament to the Emircom team that we have received such a strong endorsement from IHC Digital, a key strategic subsidiary of International Holding Company. We are delighted our partnership will be further enhanced following this acquisition,” Mr. Al Nowais added.