Dubai. Etisalat Group announced on Wednesday it has signed a deal to acquire full ownership of Help AG’s businesses in the UAE and Saudi Arabia.
The value of the deal was not disclosed. In a statement to the Abu Dhabi bourse, Etisalat said the acquisition of Help AG, a cybersecurity company in the Middle East and North Africa, is part of plans to diversify operations.
“This acquisition is in line with Etisalat’s digital strategy as it will enhance and diversify the digital portfolio and will accelerate the growth of Etisalat’s existing cyber security activities and allow for further expansion across the region,” the statement said.
The closing of the deal is still subject to fulfilling certain conditions, Etisalat said without providing more details on the terms.
Etisalat reported profits of Dh2.2 billion after federal royalty in the second quarter of 2019, up 1 per cent year-on-year, and said it plans to stay focused on its core business as well as strategies to enable a smarter digital future.