Dubai: Abu Dhabi's International Holding Company has taken a 54 per cent stake in Emircom, one of the leading lights in the Middle East’s ICT services, through a subsidiary, IHC Digital. The transaction value was Dh250 million.
The deal 'comes as part of the IHC’s group-wide strategy to grow its digital assets portfolio and to expand into new growth areas'. In operation for nearly 40 years, Abu Dhabi-based Emircom's customer base includes governments, educational institutes, finance houses, and healthcare organisations.
Syed Basar Shueb, IHC’s CEO, said: “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.“
Emircom has strategic partnerships with Cisco, Oracle and Dell as well as other tech industry principals. Hussain Jasim Al Nowais, Chairman of Al Nowais Investments and Emircom’s shareholder said, “This acquisition brings a new dimension to Emircom, as well as adds further scale to our business growth plans in the Middle East market."
Just recently, IHC had taken a 15 per cent stake in Burjeel Holdings, the healthcare operator that's in IPO mode.